Property investors turning towards online auctions, says John Pye

Buyingh through online auction is proving to be a popular choice for prospective homeowners and investors in Nottingham, says online auction experts John Pye Property.

Its January auction saw it receive 53 bids on a property in Alfreton Road, Nottingham. The property had previously been on the market with an estate agency for three months with an asking price of £80,000. However in John Pye’s auction, buyers battled it out online for the property – which went for £90,050 at the fall of the online hammer and will complete in 20 working days.

A second property in Victoria Avenue, received 65 bids from prospective buyers and was sold for £139,500 after having a guide price of £125,000.

Richard Reed MRICS, head of property at John Pye Property Auctions, said: “Buying property online has increased dramatically since we launched our auctions in 2014. It allows for a clear and transparent bidding system and a legitimate alternative to estate agency sales.

“When we started the online property auctions, other auction houses said the model wouldn’t work and people would not part with that much money up front, but we have proved them wrong and now many are following suit. We caught a real gap in the market and from looking at buyer habits, online is here to stay.”

John Pye Property is increasingly instructed by LPA receivers and has achieved standout results in its online auctions as a result. In its January auction it achieved a 157% sale increase on the guide price of one of its lots as a result.

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