By Peter Hornor, chartered surveyor and auctioneer at Brown & Co in Norwich
We do believe that the auction process plays an important role at all times and in all market conditions. Unfortunately, we do get poor markets. We all remember the 1970’s, the late 1980’s and then of course 2 – 3 years ago. Perhaps say 20 years ago, auctions lost their appeal but we think they are now back to stay. The days of using an auction to get rid of difficult and blighted property are long gone. In difficult markets though, auctions certainly have a role and enable vendors to achieve a sale, subject to a sensible guide. In a flat market, perhaps a little bit like we have at the moment, auctions can catch the imagination and again subject to a realistic approach and careful advertising it is possible to achieve a premium result and this is particularly the case for property in need of renovation which could be more difficult to sell by conventional routes, and of course you then have problems resulting from surveys, etc. Any property or land or development opportunity can be sold at auction. Objectives are of course vital and then a realistic guide and measured advertising and marketing campaign should ensure success.
Peter Hornor is on 01603 629871.