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East Midlands Chamber News

Online auction property sales on the rise

Online sales of investment properties in the region are on the increase, new data from property auctioneer John Pye has revealed.
As more properties go under the hammer this month, John Pye Property Auctions said it had recorded its highest number of lots since launching in 2014 with some of the most successful sales being investment properties.
Properties worth worth more than £3.5m will be included in a sale starting later this month. Two investment properties in Derbyshire are among the lots.
They are a semi-detached house in Stretton with a guide price of £70,000 and a retail unit on Ilkeston High Street with a guide price of £150,000 and estimated annual rental of £25,000.
Richard Reed, Head of Property at John Pye, said: “Investment properties like these in Derbyshire are proving really popular in our online property auctions. We’ve seen a rise in the number of people selling their properties this way which helps to attract a broader range of buyers.
Up for auction, a semi-detached house in Stretton“The residential property in Stretton village has off street parking, country views and is in need of some modernisation. With a potential yield of 9.2% it’s likely this property will receive significant interest.”
The double-fronted high street retail unit in Ilkeston has a large open plan area with additional first and second floor space suitable for storage, offices or residential.
Located in a pedestrianised area, nearby businesses include Carphone Warehouse, Lloyds Bank, J D Wetherspoon and Timpsons.
Richard said: “We achieve a huge amount of interest from London investors and potential buyers from overseas in residential properties. This not only reflects the rise in popularity of property auctions online but also shows an increased level of confidence in snapping up residential property as an investment proposition.
“There are some significant investment opportunities in the region at the moment and we’re delighted to be making the sales of property more accessible to a broader range of buyers by selling online.”
Similar properties on the same online property auction include a three-bedroom semi-detached house in Hasland, Chesterfield, with a guide price of £75,000.
John Pye launched its online auctions in 2014, offering zero per cent seller fees and free property appraisals.
The company has recorded a 94 per cent increase in lots between its first three online property auctions.
Richard said: “The way we run our online auctions means buyers don’t need to feel pressured into making a snap decision. They can have the comfort of bidding from their own home or work over a seven-day period.”
John Pye will be holding its next online auction between 28 April and 5 May 2015. Visit www.johnpye.co.uk.