My Auction holding December event

Property auction specialist My Auction is holding its busiest auction of the year in December, with 14 lots with low guide prices.

Lot 11

Properties include Lot 11, which is a Hampshire flat with an opening bid of £130,000. The Eastleigh property is a 2 bedroom flat with a kitchen, living room and bathroom, with off-street parking and private garden to the rear.

There are also plots of land. Lot 4 is a building plot in Suffolk, which has full planning permission for a 3-bedroom detached house (c.110sqm/1,184sqft) with garden and off-street parking in the popular village of Plagrave, just south of Diss in Suffolk. This starts at £110,000.

My Auction’s next auction goes live on 13th December 2022 and closes at 4pm on 14th December 2022.

Lot 4

Stuart Collar-Brown, co-founder and director of My Auction, said: “Given such political turmoil, it’s natural that the interest in property auctions is growing. We saw this back in the crash of the 1990’s and then again in 2008 when the last financial crisis happened.

“In such uncertain economic climates, auctions offer a very viable way to buy and sell property quickly and efficiently with far less stress than buying through traditional private treaty sales. For the buyer its appeal is speed of sale, and the transparency and certainty of knowing that you can be in the property within 28 days. For the seller, it’s a quick and efficient way to unload property that could fall in value if a sale isn’t secured quickly.

“Property auctions provide a useful barometer of the property market, often offering an early steer of the direction the overall market is heading in. With base rates increasing, mortgage rates rising, not to mention the looming recession and cost of living crisis, it’s no surprise that traditional residential property sales are taking a hit. During a market downturn, property auctions offer everyone a sensible route to market and we expect interest to continue rising as we head into 2023.”

The number of lots per auction has steadily increased throughout the second half of 2022. September to October also saw an increase of 50% in the number of lots.

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