Tag Archives: Auction

Pearsons Auction Catalogue May 2013.pdf Property Auctions

Property Auction SearchPearsons auctioneers are pleased to announce that  their property auction catalogue for their May auction is now available for download.

The auction will be held at Hambledon Suite, The Solent Hotel, Whiteley, Fareham, pO15 7AJ

(just off junction 9 of the M 27) on Wednesday 1st May 2013 starting at 11am prompt

To download the auction catalogue please complete the short form below. Continue reading Pearsons Auction Catalogue May 2013.pdf


Switch to a BuytoLet mortgage within six months of purchase Commercial Finance, Landlord News, Latest Articles, Property News

New commercial finance facilities are offering the option to switch bridging finance to a  BuytoLet mortgage within the normal 6 months period other lenders require you to wait.

Borrowers are now able to bridge  70% of initial purchase price and then, within six months, switch to a BuytoLet remortgage based on 70% of the ” new, higher valuation figure.

The best available product is 0.69% per month for the bridging finance and then 4.7% plus Libor for the Buy to Let term facility.

 

Continue reading Switch to a BuytoLet mortgage within six months of purchase


BuytoLet Lender BM Solutions allows Student and Benefits tenants Buy to Let News, Landlord News, Latest Articles, Property News

BMSBM Solutions relaxes its BuytoLet lending criteria to allow landlords to rent to students and benefit claimants

It was recently reported that BM Solutions was looking at changes to its BuytoLet underwriting criteria and the rumors were that they would be looking to remove its £25,000 minimum income requirement.

The initial reaction by some market commentators was that to remove the £25k minimum income would lead to the door being opened to low income households who are more at risk of defaulting, albeit that it could open the door to buyers outside of London, and would be of particular help for self-employed clients.

Another rumored criteria change was regarding the Lloyds restriction on its BuytoLet criteria which only allows a maximum of three buy-to-let properties per customer, across the whole of the Lloyds Banking Group (which now includes major lending brands such as BM Solutions, Halifax, C&G).

So, what has changed? How have BM Solutions relaxed their criteria? Previously, the lender’s list of exclusions included student lets, tenants claiming housing benefit, rent rebates or rent allowance, asylum seekers and tenants benefiting from diplomatic immunity.

With immediate effect BM Solutions has now adjusted its criteria to allow BuytoLet landlords to rent properties to students and benefit claimants. They are also now willing to offer loans on properties with a maximum of five occupants, a stipulation attached to all properties, although BM Solutions has never lent on House of Multiple Occupation, where tenants sign individual tenancy agreements and this still hasn’t changed.

This news comes just over a week after The Mortgage Works has also in dropped its restriction on lending to landlords with tenants who are on housing benefits.

Other lenders which will lend to landlords with student tenants include The Mortgage Works, Godiva, Abbey for Intermediaries, Woolwich, Aldermore and Virgin Money.

Howard Reuben, Principal of H D Consultants says that these most recent criteria changes are testimony that Lloyds is pursuing more business. He says “This criteria update appears to back up the news that BM Solutions is looking increase business via criteria rather than chasing the rate. This is a controlled measure which will provide some relief to a number of landlords”

From 19th March, BM Solutions has announced new semi-exclusive products starting at 3.89% up to 75% LTV available for purchase and remortgage, and which also benefits from a £500 cashback too.

To discuss any Buy-to-Let deal with our preferred broker please call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here

Buy to let auction property finance calculator


Auction House announces “bonanza record month” Landlord News, Latest Articles, Property Auctions, Property News

Auction House announces bonanza record monthAward-winning property brand Auction House has experienced its most successful month in the company’s six year history, with record numbers of lots being entered and sold, contributing to its highest ever monthly total raised.

February saw 19 auctions held across the UK, with 385 lots offered and 294 lots sold, raising a total of £28.4m. Continue reading Auction House announces “bonanza record month”


Property auction results record 6-year highs in February Landlord News, Latest Articles, Property Auctions, Property News

Property Auction SearchProperty auction results record 6-year highs in February with total sales of £445,455,076

David Sandeman Managing Director of EIG reports that the overall market figures are positive, with increases made in almost every parameter across both residential and commercial sectors.

A noticable highlight is that 3,083 lots sold last month marking a rise of over 8% on February 2012, and significantly this stands as the largest volume recorded in February since 2007. The amount raised also made considerable gains in both the monthly and rolling quarterly figures – up 8.6% and 11.2% respectively, and equally these are at levels not seen since the height of the property boom some 5 to 6 years ago.

National Auction Analysis

In the residential sector the market continues to demonstrate positive growth, particularly in auction sales and receipts. The soaring sale rate of 79% indicates a confident and competitive marketplace, with an increasing demand for keenly priced lots from cash-ready buyers.

The commercial market also continues to gain strength, with increases made in all 8 of the metrics that are measured in the monthly and quarterly figures, 6 of which are double-digit rises. For February alone lots offered was up over 16%, lots sold up 23% and amount raised up 17% , and you have to look all the way back to February 2008 to find this level of commercial market activity.

Total

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

3,965

3,923

1.1%

34,118

32,991

3.4%

Lots Sold

3,086

2,852

8.2%

25,641

24,402

5.1%

Percent Sold

77.8%

72.7%

7.0%

75.2%

74%

1.6%

Total Raised

£445,455,076

£409,897,643

8.7%

£3,501,273,334

£3,343,556,853

4.7%

 

Residential

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

3,135

3,212

-2.4%

27,753

26,443

5.0%

Lots Sold

2,480

2,361

5.0%

20,932

19,606

6.8%

Percent Sold

79.1%

73.5%

7.6%

75.4%

74.1%

1.8%

Total Raised

£309,334,000

£293,820,404

5.3%

£2,479,247,174

£2,289,558,674

8.3%

 

Commercial

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

830

711

16.7%

6,365

6,548

-2.8%

Lots Sold

606

491

23.4%

4,709

4,796

-1.8%

Percent Sold

73%

69.1%

5.6%

74%

73.2%

1.1%

Total Raised

£136,121,076

£116,077,239

17.3%

£1,022,026,160

£1,053,998,179

-3.0%

You are welcome to use the Property Auction Search tool we have developed in conjunction with EIG – the Essential Information Group.

Regional Auction Analysis

As is usually the case, variations across all the measurable parameters can be seen across the regions.

East Anglia

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

228

191

19.4%

Lots Sold

181

143

26.6%

Percent Sold

79.4%

74.9%

6.0%

Total Raised

£28,438,745

£16,717,500

70.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

189

145

30.3%

Lots Sold

148

111

33.3%

Percent Sold

78.3%

76.6%

2.2%

Total Raised

£17,701,245

£11,440,500

54.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

39

46

-15.2%

Lots Sold

33

32

3.1%

Percent Sold

84.6%

69.6%

21.6%

Total Raised

£10,737,500

£5,277,000

103.5%

 

East Midlands

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

628

546

15.0%

Lots Sold

484

414

16.9%

Percent Sold

77.1%

75.8%

1.7%

Total Raised

£52,045,250

£43,571,453

19.4%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

528

448

17.9%

Lots Sold

411

349

17.8%

Percent Sold

77.8%

77.9%

-0.1%

Total Raised

£35,478,000

£28,978,153

22.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

100

98

2.0%

Lots Sold

73

65

12.3%

Percent Sold

73%

66.3%

10.1%

Total Raised

£16,567,250

£14,593,300

13.5%

 

London

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

815

780

4.5%

Lots Sold

706

650

8.6%

Percent Sold

86.6%

83.3%

4.0%

Total Raised

£238,359,008

£203,794,750

17.0%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

722

677

6.6%

Lots Sold

632

572

10.5%

Percent Sold

87.5%

84.5%

3.6%

Total Raised

£196,284,008

£167,254,750

17.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

93

103

-9.7%

Lots Sold

74

78

-5.1%

Percent Sold

79.6%

75.7%

5.2%

Total Raised

£42,075,000

£36,540,000

15.1%

 

North-East

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

922

755

22.1%

Lots Sold

683

566

20.7%

Percent Sold

74.1%

75%

-1.2%

Total Raised

£50,960,820

£47,764,044

6.7%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

853

693

23.1%

Lots Sold

641

524

22.3%

Percent Sold

75.1%

75.6%

-0.7%

Total Raised

£45,095,320

£40,516,194

11.3%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

69

62

11.3%

Lots Sold

42

42

0.0%

Percent Sold

60.9%

67.7%

-10.0%

Total Raised

£5,865,500

£7,247,850

-19.1%

 

Northern Ireland

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

228

140

62.9%

Lots Sold

168

79

112.7%

Percent Sold

73.7%

56.4%

30.7%

Total Raised

£7,559,150

£4,880,000

54.9%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

222

120

85.0%

Lots Sold

165

68

142.6%

Percent Sold

74.3%

56.7%

31.0%

Total Raised

£7,364,150

£4,101,500

79.5%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

6

20

-70.0%

Lots Sold

3

11

-72.7%

Percent Sold

50%

55%

-9.1%

Total Raised

£195,000

£778,500

-75.0%

 

North-West

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

1,424

1,751

-18.7%

Lots Sold

1,051

1,208

-13.0%

Percent Sold

73.8%

69%

7.0%

Total Raised

£86,586,340

£94,450,364

-8.3%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

1,108

1,380

-19.7%

Lots Sold

839

964

-13.0%

Percent Sold

75.7%

69.9%

8.3%

Total Raised

£56,527,267

£62,661,554

-9.8%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

316

371

-14.8%

Lots Sold

212

244

-13.1%

Percent Sold

67.1%

65.8%

2.0%

Total Raised

£30,059,073

£31,788,810

-5.4%

 

North-West Home Counties

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

304

293

3.8%

Lots Sold

245

248

-1.2%

Percent Sold

80.6%

84.6%

-4.7%

Total Raised

£75,040,090

£62,851,600

19.4%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

222

229

-3.1%

Lots Sold

176

189

-6.9%

Percent Sold

79.3%

82.5%

-3.9%

Total Raised

£34,903,390

£37,093,600

-5.9%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

82

64

28.1%

Lots Sold

69

59

16.9%

Percent Sold

84.1%

92.2%

-8.8%

Total Raised

£40,136,700

£25,758,000

55.8%

 

Scotland

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

240

253

-5.1%

Lots Sold

111

94

18.1%

Percent Sold

46.3%

37.2%

24.5%

Total Raised

£9,394,500

£6,407,655

46.6%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

186

208

-10.6%

Lots Sold

80

79

1.3%

Percent Sold

43%

38%

13.2%

Total Raised

£3,989,650

£5,185,155

-23.1%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

54

45

20.0%

Lots Sold

31

15

106.7%

Percent Sold

57.4%

33.3%

72.4%

Total Raised

£5,404,850

£1,222,500

342.1%

 

South-East Home Counties

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

877

860

2.0%

Lots Sold

707

664

6.5%

Percent Sold

80.6%

77.2%

4.4%

Total Raised

£134,998,811

£135,121,539

-0.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

635

693

-8.4%

Lots Sold

516

538

-4.1%

Percent Sold

81.3%

77.6%

4.8%

Total Raised

£73,625,311

£81,475,639

-9.6%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

242

167

44.9%

Lots Sold

191

126

51.6%

Percent Sold

78.9%

75.4%

4.6%

Total Raised

£61,373,500

£53,645,900

14.4%

 

South-West

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

402

447

-10.1%

Lots Sold

296

315

-6.0%

Percent Sold

73.6%

70.5%

4.4%

Total Raised

£43,720,756

£45,498,790

-3.9%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

286

349

-18.1%

Lots Sold

205

240

-14.6%

Percent Sold

71.7%

68.8%

4.2%

Total Raised

£27,831,700

£30,838,351

-9.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

116

98

18.4%

Lots Sold

91

75

21.3%

Percent Sold

78.4%

76.5%

2.5%

Total Raised

£15,889,056

£14,660,439

8.4%

 

Wales

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

412

376

9.6%

Lots Sold

303

277

9.4%

Percent Sold

73.5%

73.7%

-0.3%

Total Raised

£25,466,900

£22,083,244

15.3%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

271

309

-12.3%

Lots Sold

197

233

-15.5%

Percent Sold

72.7%

75.4%

-3.6%

Total Raised

£15,611,800

£14,613,160

6.8%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

141

67

110.4%

Lots Sold

106

44

140.9%

Percent Sold

75.2%

65.7%

14.5%

Total Raised

£9,855,100

£7,470,084

31.9%

 

West Midlands

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

638

670

-4.8%

Lots Sold

496

438

13.2%

Percent Sold

77.7%

65.4%

18.8%

Total Raised

£59,535,573

£43,751,050

36.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

498

548

-9.1%

Lots Sold

392

365

7.4%

Percent Sold

78.7%

66.6%

18.2%

Total Raised

£36,776,633

£30,729,550

19.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

140

122

14.8%

Lots Sold

104

73

42.5%

Percent Sold

74.3%

59.8%

24.2%

Total Raised

£22,758,940

£13,021,500

74.8%

 

Yorkshire and The Humber

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

749

782

-4.2%

Lots Sold

564

571

-1.2%

Percent Sold

75.3%

73%

3.2%

Total Raised

£55,805,440

£53,142,009

5.0%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

611

649

-5.9%

Lots Sold

468

473

-1.1%

Percent Sold

76.6%

72.9%

5.1%

Total Raised

£41,213,690

£38,370,434

7.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

138

133

3.8%

Lots Sold

96

98

-2.0%

Percent Sold

69.6%

73.7%

-5.6%

Total Raised

£14,591,750

£14,771,575

-1.2%


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