The number of houses which are sold at auction is set to rise before the Brexit deadline at the end of March according to a Burnley estate agent, with people keen to sell before the end of this tax year.
Already wreaking havoc and uncertainty across myriad financial and goods-based sectors, Brexit is also having an effect on the North West's housing market according to Petty Estate Agents' Residential Director, Ian Bythell, who said that auctioneers Auction House claim vendors want to sell before Brexit Day, leading them to expect entry levels for the first quarter to be strong.
“We sold just under 80% of all the properties we took to auction last year, which is a significant increase on the previous year and it’s proving more and more popular every year," said Ian. "No one knows what will happen to the value of the pound after Brexit so selling via auction can be especially useful if you’re looking for a speedy sale.”
Offering a more secure method of selling a property than one would imagine, selling a house at auction also provides a platform for the selling party whilst allowing them to retain control of the process as well; all properties are sold subject to a reserve price, meaning a property won’t sell for less than the pre-agreed amount.
“Demand from multiple buyers can help quickly drive up the price, especially when they’re all in the room together desperate not to miss out on the property," Ian added. "And properties sold nowadays via auction can range from £4,500 up to £275,000, so homes right across the spectrum do well at auction.”