Online Bidding Hots Up For Land and Property Auctions

Posted by Greenslade Taylor Hunt on 25th August 2020 -

Our auctioneers report that property and land auctions are attracting significant interest. In the last week alone, GTH has successfully sold close to £1.6 million worth of property via Livestream and Online timed auctions.

With the property market in full swing due to recent Stamp Duty changes and the idea of rural living becoming a goal for many, Justin Lowe, Partner and Auctioneer at GTH confirms: “Property auctions accessible online are opening up a vast array of opportunities for savvy sellers and buyers alike. We have seen a varied range of property coming to auction and not necessarily only small properties or renovation projects, as some might expect.”

In an online ‘Ebay-style’ auction last Friday, a traditional smallholding in an idyllic setting in Tiverton with an adaptable range of farm buildings and an adjoining parcel of land, sold above the guide price for a total of over £1million.

In our inaugural Livestream auction, all properties sold with most exceeding their guide price to total nearly £600,000. Land at Axbridge, Somerset, principally cropped to Miscanthus (Elephant Grass), was offered with a contract in place with Terravesta Energy Ltd and sold for £240,000. Miscanthus is a viable alternative to fossil fuels and is a key crop in the climate change revolution.

A barn conversion opportunity at Misterton, Crewkerne, Somerset, with additional adjoining land and agricultural land at Winscombe, North Somerset, were also successfully sold via the Livestream auction.

GTH are currently offering two methods of property auction. In place of their traditional auction room bidding due to current social distancing measures, Livestream auctions are run via a live online link. The auctioneer, visible through a webcam, runs proceedings from registered bidders and takes the bids as come in online and via telephone.

The timed ‘Ebay-style’ onlline auctions offers sellers the opportunity to sell at a time convenient to them and registered buyers submit bids before the end of the auction period. Successful bidders are required to make a payment immediately at the end of the auction.

For more information property and land auctions, lots available for sale and how to submit a property to auction, contact Justin Lowe on 01935 423474 or email [email protected] or visit www.gth.net/auctions