As the market faces a period of short-term turbulence in the wake of England’s decision to leave the EU experts at Midlands-based John Pye Property say the UK property market will recover quickly.
Online auctions are fast becoming a conventional way to buy and sell properties and more people are expected to use online auctions to boost their property portfolio during this time of uncertainty.
With more than £5 million of stock featuring 39 residential and commercial investment lots in the July auction – the largest number of lots to date this year – online auctions are changing the way property is being bought and sold.
“It’s no surprise that the decision for England to leave the EU will create uncertainty in the market,” explained Richard Reed MRICS, head of property for John Pye Property, “but we are confident that this will be short-lived.”
“Online auctions offer buyers and sellers a convenient way to manage property sales during this time and investors can benefit from yields from between six and more than 17 per cent in this month’s auction.
“Despite the concerns surrounding the result of the EU referendum over the past few months, many vendors have committed to selling their property in our July auction. Equally, there has been substantial number of enquiries from buyers, keen to secure their next property investment.
“From the level of interest shown to date, in all our lots, it is clear the July auction will see competitive bidding across the board.
“Selling through our online auction gives our sellers the added benefit of a 0 per cent seller fee and nil marketing costs meaning they are experiencing great value for money especially in the current market.”
John Pye Property regularly features properties from London, Manchester, Liverpool, Birmingham and Nottingham.
John Pye’s online auction will go live on 6 July and finish on 7 July 2016.