At Property Saviour, we value our industry contacts and the knowledge we have gained from specialists over the years. Here we interview a leading property auctioneer to gain some tips and insights into property auctions.
Auctioneer and Director
James Pank is an Auctioneer and the Director at Auction House West Yorkshire, one of the UK’s leading auctioneers.
About Auction House West Yorkshire
Auction House West Yorkshire are part of the Auction House brand who have 40 auction rooms covering the length and breadth of the UK. They have consistently achieved fantastic results for sellers since their launch in 2009.
1. Tell us a bit about yourself, and your journey in the property market?
Having looked at a number of alternative career paths including a physiotherapist, PE Teacher and psychologist it quickly became apparent that I would be most suited to a career in property.
My father had been a charted surveyor, estate agent and auctioneer for his entire career and after graduating from Northumbria University with a First Class Honors in Estate Management I was ready to take on the world of work.
I spent a year with Towlers (now Carter Towler) in Leeds before moving to Ashtenne Industrial Fund and qualifying as a chartered surveyor in 2008. In 2012 I joined Auction House and after moving my way from valuer to manager to director I sold my first lot as an official auctioneer in March 2015.
2. Why do sellers consider selling their property at auction?
Auctions can be a fantastic way for sellers who are looking for certainty and speed. These situations can include:
- Relocation or emigrating abroad
- A retiring landlord
- Deceased estate
3. Which properties do not do well in the auction rooms?
Generally, anything that would suite a family or home owner would not suit a sale by auction. Larger more expensive properties generally attract very little interest and buyers have the chance to pick up a bargain.
4. So which properties do really well in the auction rooms?
If priced at the right level, any property can sell well in an auction. The majority of properties however tend to be ones requiring refurbishment, buy to let investments, plots of land, properties with structural issues or just ones that are unusual and particularly difficult to value.
5. Do you have a recent example of a property that has done exceptionally well?
Yes, A dilapidated second floor flat in Hyde Park, Leeds was guided at £35,000 to £40,000 but achieved more than double that figure eventually selling for £92,000 in our auction last month. More than 50 people viewed it in just 4 weeks!