Member Article

Standing room only at Pugh’s property auction as new homebuyers look to scoop bargains

Property auctions held in Manchester and Leeds this month by Pugh, the auctioneer acquired last year by property consultant Eddisons, generated sales of over £8.1m with sales of residential properties performing particularly strongly.

While 85% of the total properties up for auction were sold, it was a bumper month for residential properties, which scored a 94% success rate.

Paul Thompson, managing director of Pugh, said: “We saw the upward trend continue in this month’s auctions for both professional investors and individuals on the hunt for property opportunities, or to get a foot on the property ladder. This was reflected both in the results and, in many cases, the prices achieved on the rostrum.”

Pugh’s auctioneers were also joined in the packed sale room by the BBC’s Homes Under the Hammer team, and the Manchester auction is scheduled to appear in an early 2018 edition of the programme.

Properties going under the hammer in Pugh’s auctions this month included the former NatWest Bank building in Marple, Cheshire, which sold for almost two and a half times its guide price, at £369,000. A 13,000 sq ft former residential home in Oldham sold for £563,000 on a guide price of £300,000.

Mr Thompson said: “Auctions always ensure that the value of the asset is maximised and, in the current sellers’ market, they are proving a particularly effective method of selling. We’re expecting to see similar very positive outcomes for our clients with properties to sell in our October auction.”

Pugh’s next auctions will be held in Manchester at the AJ Bell Stadium on 17 October and at Elland Road in Leeds on 19 October. For full information go to www.pugh-auctions.com

This was posted in Bdaily's Members' News section by Emma Kilmurray .