The rise in popularity of buying and selling homes online has led to a record breaking month for Manchester business Landwood Property Auctions. In July, Landwood’s team offered 49 properties – a rise of 800 per cent on the number of transactions that were completed in January.
Overall sales since the company committed to online auctions have now surpassed the £14M mark this month.
Last month alone, the value of these sales was approximately £3M and included penthouses, farmhouses, terraces, nightclubs and everything in between from the Shetland Islands to Southern England.
With demand from buyers and sellers increasing all the time, Landwood is now hosting weekly online auctions – the only business in the UK to do so.
As momentum builds for online property transactions, the number of requests coming in to Landwood is soaring and instructions are already in place for weekly auctions due to take place throughout August.
Kate Lay, director of Landwood Property Auctions, explains: “Sellers need to see momentum and proof of success and that’s why from the start of this year, it’s really taken off.
“The average amount of time it takes to sell a property through traditional methods is 62 days – but through Landwood’s online auctions it’s just 14 days.
“Sellers – and buyers – have all the expertise, experience and benefits of an estate agent, but the whole process is much quicker and more convenient.
“We have dealt with everything this year from a city centre penthouse in Manchester, to a farmhouse in Gwent, a holiday home in the Shetland Isles and a former care home in Cumbria.
“It’s not just larger properties that attract the most interest either – smaller, lower priced lots are often the ones people flock to, such as1259 Warwick Road, Birmingham which attracted 103 bids
“Bidders love the convenience of the online bidding process, with it being so easy to partake. They also benefit from a very transparent platform that shows exactly how many people they are up against.
“And sellers are attracted to our online auctions because of the speed and certainty of sale. A recent client came to us after having their house on the market for £55,000 with a traditional estate agent for more than four months. We sold it for £76,000 with 23 days.”
Landwood’s surge in online business is reflected across the UK, where 46 per cent more properties were sold this way in the first five months of 2019 versus the same time last year. The total value of UK property sold via online auction in 2018 was £236million.