Property Auction - none sold

turbobob

Today there was an article in the Western Mail about this auction, calling it "a flop" and "embarrassing"..

Comments at the end were interesting. Not sure I understand why the people who they say made offers and completed deals after the auction did not just put bids in :huh:

A spokesperson for Peter Alan said the auction attracted a mix of genuine buyers and those interested to see the company’s first auction. The spokesperson said: “Although the auction room was quiet, following the event seven property sales were secured, offers were received on 22 properties, with further interest expressed towards 20 more properties. Therefore in total around 60% of properties on the night received genuine buyers’ interest. Against a backdrop of continued turbulence and uncertainty in the property market we were pleased with this result.”
Paul Fosh, managing director of Paul Fosh auction house in Newport, said they had been selling between 60% and 70% of their properties at auction this year.
He said: “Unfortunately, I think Peter Alan have overpriced their lots this time. The secret to our success has been realistic pricing.
“Generally, estate agents are slower to reflect the fall in house prices than auctions.
“They have tried to auction properties at the prices they’ve been trying to sell at through the estate agents.
“I’m sure it will be a case of lessons learned and they will make a better go of it next time.”

Dan29

GracieP wrote: »

You could get a job on Doctor Who or Torchwood if you worked in tv. I'm always trying to convince my husband to send them his cv. We could live like kings in Cardiff!

Yep I do work in tv and relocated from grotty Shepherds Bush to leafy Llandaff where I earn the same but was able to buy a house for half the price of my previous flat in Chiswick and bank the difference.

Don't forget Crimewatch and possibly Casualty are moving here in the next five years too.

Dan29

Peter Alan cuts jobs - news story from a week ago but don't think it's been mentioned on this thread.

Davesnave

mewbie wrote: »

Let me try again. Prices pumped up, not just by the Welsh, but by English so desperate to get into property that they bought anything they could afford, including stuff hundreds of miles away. A second home in Wales - maybe a nice idea, but I can't see that market holding the prices up. Retirement - well maybe, but it is wet, and cold - not really south coast for example.

The main housing market is working people. Jobs in Wales? Future in Wales? They don't even have oil. Should be some real bargains in a couple of years, or rather than bargains I think realistically priced housing might be better.

I agree entirely that prices in many parts of Wales are too high, relative to the likely income of residents, and I have little sympathy for second home owners, who have ramped-up property prices and damaged village life in some areas.

However, it is unfortunate for Wales that all parts of it tend to be lumped together by those who don't know the country well, or whose experience is limited to what they can see from the M4 as they head for the Gower. Try putting somewhere like Abergavenny into the search area of this site, which gives a 'quality of life' rating to places in the UK:

http://www.uklocalarea.com/index.php

Of course, if you put Merthyr Tydfil in, you'll get an entirely different result!
It is a very useful site, but you do need postcodes to get the best from it.

'Quality of life' is, of course, to some degree subjective. Most of us prefer low crime areas, for example, but some are prepared to tolerate higher levels of crime in order to live near work and centres of entertainment. I prefer a more rural environment, so the availability of a local Tesco doesn't come too high up my priorities list, but then I grew up where the nearest supermarket was 12 miles away. Incidentally, that was in North Devon, which has a similar climate to that of West Wales, though one rarely hears anyone calling it 'wet and cold.' Funny, that.

Drea

turbobob wrote: »

Today there was an article in the Western Mail about this auction, calling it "a flop" and "embarrassing"..

Comments at the end were interesting. Not sure I understand why the people who they say made offers and completed deals after the auction did not just put bids in :huh:

Because after the auction they can be told the reserve price so they get it at the lowest price possible.

Wig

Drea wrote: »

Because after the auction they can be told the reserve price so they get it at the lowest price possible.

AFAICS Peter Alan has not yet published the results & reserves, not very smart if their objective is to sell properties. Sure you can phone them up and ask, but they are seriously limiting their ability to sell the lots by not publishing the results.

Drea

Wig wrote: »

AFAICS Peter Alan has not yet published the results & reserves, not very smart if their objective is to sell properties. Sure you can phone them up and ask, but they are seriously limiting their ability to sell the lots by not publishing the results.

We publish the results, but never the reserves. We don't even publish the guide prices, people have to phone and ask.

Wig

I think Guide prices are necessary really.

I regularly look at about 11 auctioneers, 6 of them local 5/6 of them London, all the big ones (except Peter Alan - but they are not an auction really, judging by the fiasco we just witnessed) publish results and reserves. 2 local ones are small time and don't publish reserves, but do show guide prices.

My guess is that large auctioneers wish to avoid an onslaught of phonecalls the day after auction asking for reserve prices.


I note your location, I am also interested in Scotland property auctions and I only know 2

SVA - They don't show guide prices or reserves (maybe it's a Scottish thing ), It's been such a long time since I looked at their site, they have improved it greatly but I thought they used to show GP & Reserves. Why would anyone want Lots 1 & 2?

And
I think Wilsons - but I'm not going to their site because google is saying it is unsafe to visit.

Apart from Countrywide, do you know of any others?

Hey, maybe you can explain what "Feudal Freehold" means?

Jonbvn

Drea wrote: »

Well I figured you must do since you posted in the thread, there was no need for that at all.

Sorry, but I just couldn't take you seriously with that ridiculous signature.;)

Pobby

Where I live could be called `` average`` UK property prices, what ever that is. Back at the beginning of this decade South Wales, in general, was deemed very cheap in comparison. I recall a nice detached property at around £65k. A few miles north of the capital with good road links. I guess that would be about 2003. Shortly after that the whole area rocketed. About a year later I was told by an estate agent in Port Talbot that was selling properties in a village north of there that I liked that there was nothing on the books for under £45k !

I can agree with mewbie that a lot of the hpi there was at the expense of the locals. Welsh friends of mine were horrified to how high property had become. I expect to see dramatic drops over the coming years.

Again at around that time I bumped into a couple of guys that were property investors from England.. They were in Swansea looking to buy stuff up and were also flipping property abroad.