The auction room is a true barometer of the property market.  Robert Ellis report that their recent late Autumn sale offering 9 lots brought out a considerable number of pre sale viewers to the properties which gave way to some caution with more reserved bidding on the night of the sale.  With 5 properties sold in the room and 4 further agreements made immediately subsequent to the sale, the night was however undoubtedly a success.  Russell Gourlay, Auctioneer and Director in Robert Ellis, said that over many years of auction sales it has been proven again and again that the reserve price agreed for a property is all important and some vendors make the mistake of increasing their reserve price at the 11^th hour which inevitably results in an unsuccessful sale for that property.  He adds there is an increase in appetite for property, but those who have the money or access to money to buy will only do so if the property offers value.  All vendors with a genuine intention to sell must come to terms with the reality that the market will dictate value and property will be worth what somebody will pay for it.

Selling under the hammer does however remain a very exciting and immediate way to sell a property and as confidence in the market improves through 2010, Robert Ellis will continue to hold regular local auctions building on the success of the last 20 years.

If you feel you have an unusual property suitable to be sold by auction, please call Paul Merritt or Russell Gourlay on 0115 922 0888 or 0115 946 1818.

If you have a property which either requires modernisation and improvement, is individual or unique and therefore market value is difficult to assess, or if you are looking to sell a property fast, then an auction may be for you as on the fall of the hammer contracts are effectively exchanged with completion taking place 28 days hence.

For more information please contact any of our branches, or the Directors, Paul Merritt at the Beeston branch on 0115 922 0888 or Paul Sweeney at the Long Eaton and Stapleford branches on 0115 946 1818 or 0115 949 0044.