Auctions – A great start for landlordsMake Text Bigger
I attended the Clive Emson auction in Maidstone yesterday (23rd July, 2019) and was with my pal Billy Singh at noon when the news came over my mobile telephone that Boris Johnson had won and would be the next Prime Minister.
I thought there would be a cheer or boos from the audience, but no nothing. I thought the Auction would be interrupted to announce the result, but no nothing at all. No one was in the slightest interested! “Homes under the Hammer” were filming there so I guess that took precedence.
Boris is the new Prime Minister and we will have to wait to see what he brings to the table for Landlords.
The Auction went well, and property prices were extremely good. I started with Auctions and, could not have done without them, prior to moving into buying “off plan” in the year 2000. Auctions provide a quick turnaround for both vendor and purchaser with a 28-day completion. As a purchaser you must get your kit together. You must have your money in place and carry out any due diligence beforehand.
About 38% of properties are purchased without a Mortgage meaning very many investors are trying to find a home for their money which will perform better than other investment routes.
I noted institutional buyers in bulk from Investment Funds, Insurance Companies, Pension Funds and so on. They have returned to the market place.
The other notable group I saw was British Born South Asian buyers predominantly from India. I know them well from previous auctions. Like Billy Singh they buy around the North of Kent. My area is Central and South Kent along the M20 Corridor. I met one Romanian investor who was intending to buy a property to convert into a “Housing Warehouse” to take single Romanian People. He was outbid in the end.
I found it a very exciting atmosphere and I wish I were twenty years younger, but I am seventy one in under a month’s time. Time to retire and leave it to younger folk.
Regarding Brexit, well going by the Auction yesterday it has not dampened the enthusiasm for buying bricks and mortar, the traditional fall back investment.
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