Auctioneers Fisher German have sold double the number and double the value of property this year. Despite the difficult conditions in the market place both Fisher German’s Banbury office and Fisher German as a whole have generally seen their auction business double over the last 12 months. Their, still very respectable, success rate has dropped back from 77% to 75% in Banbury and 73% for the firm as a whole.
Fisher German’s figures compare positively with the national statistics which have actually seen the number of lots offered fall 12%, with the total raised actually falling 34%. National success rates have also fallen from 73% last year to 63% this year, although figures for November for residential properties show a 40% increase in the number of lots sold!
Partner and auctioneer Andrew Ranson says ‘We are delighted with our auction departments success over 2008. We are finding that in the difficult conditions, the advantages of auctions in achieving a same day conclusion are proving popular. Gathering realistic vendors and buyers together identifies the true market value and auctions are seen as a way of filtering out all those slightly less realistic buyers and sellers.’
He continues ‘We are not resting on our laurels and are continually striving to come up with innovative ideas and new ways to market our clients’ properties. One such idea was the launch in September of conditional auctions which effectively allows people to bid without finance in place, only risking their £3,000 deposit.’ This is already proving a popular option with a number of vendors offering some excellent opportunities for buyers. Fisher German’s last auction in November saw all four residential properties sold (one prior to auction).
Fisher German are successfully selling by auction a number of properties which would never have been considered suitable for auction. Andrew Ranson says ‘Auctions are a growing part of our business and we are very happy to explain the process to either buyers or sellers. We are not frightened to turn property away if we do not feel that auction is not the right way forward. You have to be very honest to maintain a 75% success rate.’
For further information on property auctions please contact Andrew Ranson on 01295 226288 email andrew.ranson@fishergerman.co.uk
