Property Auctions Conducted Across the UK During the Month of Jul 2016 Dismiss Any Possibility of Negative Brexit Impact
The Brexit fear seems to be fading with time. However, the efforts of the UK government in winning the trust of global investors cannot be ignored. Although the clouds of uncertainty are consistently hovering over the British economy, the success of several property auction events recently held across the UK have dismissed any possibilities of a negative impact of Brexit.
The wind seems to be blowing in favor of the British economy and the entire property sector. Pugh & Co. property conducted two very successful property auctions at the Leeds United Football Club and AJ Bell Stadium in Manchester. These recent property auctions conducted in UK signified the strides taken by the UK government in improving the overall economy during the month of July 2016.
This unprecedented success recorded in the property market of the UK witnessed the inclusion of over 175 lots in the catalogue. Most of these lots fell in the range of residential, commercial and the properties of local authorities. These recently conducted two auctions easily yielded almost £12.8 million and helped sellers record a 78% success rate on sales front for the first time since Brexit. As per The buy2let Shop reviews, more than 560 investors were interested in registering their bids during the property auctions.
This resulted in cut-throat competition among all of the interested bidders in the room as well as over the telephone. Some of the lots available in the auction for sale secured two times more than their guide price. This happened just because of great interest displayed by the investors in the room as well as over the telephone during the house auctions in Leeds and Manchester.
Former bank remained the center of attraction during the house auction. All of the investors fought hard for bagging the former bank. The property secured almost £420,000 as compared to its guide price of only £100,000.
Harping on the same tune, Auction House also declared the economic uncertainty surrounding the European Union’s referendum insignificant from the sales perspective. The company has successfully conducted a number of successful property auctions in UK since last year and its sales are very much close to the statistics of 2015.
Considering the statistics, the company’s success is evident with the rate of 81% which is better than 77% recorded by the company in 2015. All of the property auctions conducted in UK by House Auctions increased the amount of money generated up to £208. 6 million.
The success of recent house auctions in the UK lies in the availability of the very much affordable volume of stock in all of the regions. Therefore, property experts believe that the Brexit is no longer likely to affect buyer’s and seller’s interests in the time to come. However, the possibility of uncertainty cannot be denied and any possible negative effect will be short-lived.
All of the entries recorded during the month of July 2016 are permanent. Finally, some accommodation for avoiding any possible repercussions of Brexit will help house auctions draw more investors for bidding on investment properties for sale in UK.