Quarterly Property Auction Update | Q3 2024

The recent change in government has introduced some uncertainty into the wider economic environment yet demand for auction property remains strong. There continues to be significant interest for properties across the price ranges, particularly for those which present an opportunity for renovation, smaller parcels of land, and both commercial and residential premises.

Following the move away from our traditional auction platform due to Covid, our online auction system continues to improve. This transition has provided an innovative way to showcase properties, attract interest, and encourage competition. Our online platform allows us to market properties widely, show viewers around, and create an environment that often achieves the best possible price for sellers. Alongside this, we have also added drone photography and videography to further enhance the marketing mix and to showcase our properties. While the virtual hammer differs from the traditional days of hosting auctions in the Assembly House in Norwich, the online platform is here to stay.

In our Norwich office, we have already held some ten auctions since the beginning of the year, selling just over 100 lots, which is very encouraging and highlights the way we have developed auctions at Brown&Co. Looking forward to the autumn and winter, we will have had two auctions in September, with four sales planned in October and further sales in November and December. These auctions will continue to offer great opportunities to buyers and sellers, with a particular focus on residential, commercial, and rural properties.

"These auctions will continue to offer great opportunities to buyers and sellers, with a particular focus on residential, commercial, and rural properties."
Peter Hornor - Partner, Chartered Surveyor & Auctioneer

In our Lincoln office we have held four auctions so far this year, selling 27 lots, together equaling £4,500,000. We have three more auctions planned for September, October and November.

In Retford, we have found auction to be particularly successful for properties which would be challenging to sell on the general market, for example properties which are structurally damaged or time sensitive.

"We have found auction to be particularly successful for properties which would be challenging to sell on the general market."
Jeremy Baguley - Partner, Chartered Surveyor & Auctioneer

To find out more about our auction services, please click here. We look forward to viewing more properties and offering expert advice to help unlock value.

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