Unsold Auction Properties February 2017
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The success rates for most property auctions are in the region of 70% to 80%, so if there are 100 lots entered to the auction, you would typically expect 70 to 80 to sell and the remainder will be available for purchase after the auction. We’ve looked at some unsold lots from the February 2017 auctions.
By Mark Grantham – 6th March 2017
If you’re selling a house at auction and want to be sure of a sale, you will need to set a realistic reserve price. These unsold lots from the February 2017 auctions demonstrate the importance of setting a realistic reserve price. There’s a good possibility that if these properties are not sold after the auction, they’ll be entered in to a subsequent auction, possibly with a lower reserve price.
Unsold at auction 95 Goldhawk Road, Shepherds Bush, London W12 8EG
Lot 5 of the Athawes February 2017 auction was 95 Goldhawk Road, Shepherds Bush. A vacant freehold former surgery premises & land with planning permission for 9 luxury apartments (8,530 sq.ft) and 2 ground floor offices (3,730 sq.ft). The guide price was set at £4.25 million and the property failed to sell on auction day. Prospective buyers should contact Athawes auction directly on 020 8992 0056.
Unsold at auction Wild Farm, Harper Lane, Hertfordshire WD7 9HJ
Lot 8 of the February 2017 Auction House Beds & Bucks auction is described as “a late-Georgian style, substantial three-bay farmhouse, set within a rural environment at the end of a track and surrounded by fields and paddock land.” The property was guided at £1.5 million but didn’t meet the reserve price on auction day and is still available for sale. If you’re interested please contact Auction House on 01234 362 899.
Unsold at auction 7 Farnley Road, Chingford, London E4 7AD
For sale on behalf of the High Court of Justice, lot 33 of the McHugh & Co February 2017 auction was listed as a well presented, 4 floor, 4 bedroom semi-detached house. The lot was guided at £1.3 million and bidding failed to reach the reserve price on auction day. To find out more you will need to contact McHugh & Co directly on 020 7485 0112.
Unsold at auction 172-174 Fernhead Road, Maida Vale, London W9 3EL
Lot 17 of the February 2017 Andrews & Robertson auction was 72-74 Fernhead Road, Maida Vale. The property is a described as substantial freehold three floor double fronted terraced building arranged as seven self-contained flats (3 x 3 bedroom flats & 4 x 1 bedroom flats). The property is mainly vacant possession (6 flats vacant and newly refurbished/one flat let on a regulated tenancy). The property failed to sell on auction day with a reserve price of £3.4 million and is available post auction. For further information please contact Andrews & Robertson on 020 7703 4401.
Auction Reserve Prices
One of the reasons the above properties failed to sell at auction could have been because the reserve prices were set too high. To find out more about auction reserve prices please visit:
https://auction-link.org.uk/what-is-an-auction-reserve-price/
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