Posts in Property
Signs of recovery? Perhaps.
Despite talk of rising interest rates, job losses in the public sector, increasing fuel prices and the continuing lack of suitable bank finance, the last four auctions held on Merseyside in the last fortnight have shown some signs of improvement with success rates of 34%, 59% and 76% with one sale unreported. Modesty prevents me from saying who achieved the highest success rate but from personal experience the room was fuller and bidding livelier an a number of lots sold well in excess of the guide price.
There continues to be demand for houses, bungalows and flats in need of refurbishment and whilst owner occupiers remain in short supply, there are several investors, builders and dealers anxious to take advantage of the lower prices knowing that there is still strong tenant demand and the potential of rental growth.
Whilst there is a feeling of treading water and consolidation in the property market, both residential and commercial agents I have spoken to over the last couple of months are reporting a slight increase in activity levels but we all know there is a long way to go yet!
I have attended conferences recently where agents are thinking long and hard about their normal business activities and whether these can be increased or extended to give them a competative advantage. There are some clever and forward thinking people out there and it is true that one never stops learning.
Auction House have now moved to be the fourth largest in the country and the largest auctioneer outside London. We are finding that there are an increasing supply of repossession properties coming to the auction market and we are busy compiling our catalogue for the April sale.
E-marketing is assuming greater importance. Blogs and Twitter are being increasingly used together with phone apps and podcasts,. all of which are new to me but which I am sure will have increasing importance in the way we market ourselves from now on. Being a complete luddite and totally at home with paper and pen, I am being dragged kicking and screaming into this brave new world.
Lets hope it doesn't all end in tears.
I have been pleasantly surprised by the increased levels of interest in our next property auction, particularly for small houses needing repair and refurbishment.
I still think that this is a great time for first-time buyers to get involved in buying property as prices remain low.
We've been seeing more young couples attending our auctions, clearly prepared to look at buying their first home and making it onto the property ladder ...