A HOTEL in Manchester has taken the crown as the most popular lot sold by John Pye Property as the auctioneer approaches its 50th online auction.
The online property experts – who were the first in the market to offer completely online auctions in 2013 – report that Trafford Park Hotel in Manchester attracted 232 bids – the most bids on a single John Pye Property auction lot.
Richard Reed MRICS, head of property at John Pye Property, said: “Since 2013 we have offered more than £250 million worth of property from Falmouth to the Shetland Isles.
“Over the 49 auctions so far, the highest proportion of properties purchased have been located in the Midlands, areas in the North West and across Wales but there is barely an area of the UK that hasn’t seen a property come to auction with John Pye.”
Here are the top five properties by value sold by John Pye Property since 2013:
1. Bold Street, Liverpool – £2.52 million
This high-street retail opportunity in the centre of Liverpool finally sold for more than £2.5 million
2. Western Avenue, Brighton – £1.9 million
Retail units have been very popular over John Pye Property’s first 50 auctions, with this one in Brighton selling for nearly £2 million
3. Stourvale, West Midlands – £1.26 million
Industrial units also feature highly when it comes to value, with this well-connected West Midlands warehouse fetching more than a million at auction.
4. Trafford Park Hotel, Manchester – £900,000
One of the highest profile lots to have sold since 2013, bidding on the Trafford Park Hotel was actually extended by nearly two hours due to unprecedented interest
5. Tooting, London – £630,500
Residential properties in high-demand areas such as this house in Tooting have also attracted a lot of attention at online auction
Richard Reed said: “In the time we’ve been selling property at online auction we have seen some significant changes to the property landscape, including major tax increases affecting the property investor market, a number of elections and Brexit. All these factors have made the property industry a challenging market.
“Despite the challenges on the property market we are still seeing a growing appetite for online auction sales. With over 400,000 registered bidders and buyers our auctions continue to be a success and a very cost-effective route to market for sellers and buyers.
“Whilst celebrating our 50th auction, we are also looking ahead to the future.”
John Pye Property not only created and developed the first online property auction for the UK market, but also recently launched an online estate agency with 0% seller fee, £0 marketing costs and £0 entry fee.
Richard Reed continued: “With the emergence of the online property market and an ever-growing variety of properties that are suitable for buy-to-let, investors and homeowners we find that buyers in 2019 are having to become digitally savvy and prepared to think outside the box when it comes to making their purchase.
“We predict that we’ll see more and more agents and auctioneers move to an online business model in the next few years.”