Member Article

Allsop Launches the Country’s First Online-Only Auction

Allsop, the UK’s market leader in commercial and residential property auctions, is launching the country’s first ever online-only auction for new build homes. This revolutionary method of sale for new properties is set to change the landscape of off plan and new build purchasing across the globe and will auction Phase 2 of the West Drayton Waterside development on Thursday 11th June. Bidding will open at 10am on Wednesday 10th June with bids starting to close from 10.05 on Thursday 11th June.

Pioneered by Allsop, who have over 100 years of industry experience, this entirely unique selling model has been carefully engineered to achieve optimum results for both buyer and seller and aims to set the UK benchmark for the sale of new build properties. Providing a user-friendly platform and creating an online community for the property sector, this model allows for a more transparent, efficient and economically viable way to invest in and sell new homes.

Crucial to the concept is the transparency of the model allowing investors the world over to watch the entire selling process evolve in front of their eyes with absolutely zero risk of gazumping or gazundering. They will witness the live market place set the pricing for the product and will be party to the exact incremental increases in bidding which are usually withheld in the traditional buying process. Inciting healthy investor competition and putting products on a worldwide stage, this method is a natural evolution for the new build property sector.

According to Allsop’s Residential Auction Partner, Gary Murphy, ‘this new service provides a superior route of sale for new properties and will co-exist harmoniously alongside our traditional ballroom auctions. We identified a niche specifically in the new build market and felt strongly that there should be a simpler, more transparent, fair, convenient and certain way of investing in new homes. Seeing a 100% increase in internet bidding year on year at our live sale rooms [1] we have developed a concept that we believe addresses a proven demand for an online marketplace and extracts absolute best value for both developers and our customers. Throughout the process, participants can rest assured that Allsop’s quality of service will be upheld with a live team contactable at any point for assistance.’

West Drayton Waterside is a canal-side development from Clearview Homes poised to benefit from the ‘Crossrail Effect’. The properties are within a five minute walk of West Drayton rail station where Crossrail services will begin from 2019 providing high speed access across London to locations including Paddington, the West End, Liverpool Street, Canary Wharf and Heathrow. A perfect buy-to-let opportunity, prospects for significant capital and rental growth and high tenant demand are predicted. West Drayton is cited in the 2021-2030 Crossrail Long-Term Potential and Worth Investigating Further[2] scores and is also included in a study of Prices Set to Out-Perform [3]predictions.

Following the rapid sell out of Phase 1 over a single weekend, Phase 2 of the development comprises 36 leasehold apartments within a private gated community with allocated parking. The majority benefit from private gardens or balconies and will be finished to a high specification.

From 10th June all bidders will participate in the auction in an identical way, can watch live as bids are placed and will enter an entirely fair market place. Sales are legally binding at the fall of the gavel and solicitor details, bidder identities and bidder security payments are gathered prior to auction at the registration stage. Minimum bidding increments and the reserve price will be pre-set and regulated by the auctioneer and contracts will be signed on investors’ behalves by Allsop representatives. All participants must complete registration in advance of bidding and should allow ample time for verification of their ID by their UK solicitors before the auction.

Throughout the whole process, the wider Allsop team will be on hand to guide investors and developers as necessary ensuring quality of service is maintained at all times. This launch follows a successful online-only auction for re-sale property in the Allsop Irish office earlier this year which received over 200 registered bidders and secured over €6.85million in property sales.

CEO of Clearview Homes Stephen Murphy explains why they have opted to be the first developers to participate in the online-only auction ‘When presented with the opportunity to be the first developers we didn’t hesitate. It is the perfect platform for our product which we believe will appeal to investors not just locally but nationally and even internationally. We know for sure that we will make sales on the day and achieve the best possible price and have absolute trust in the Allsop team and expertise to execute the auction in a fair and efficient manner. We feel sure that this will be the future and are excited to be a part of it.’

[1] Allsop internet bidding data - 2013 and 2014 http://reviews.allsop.co.uk/

[2] JLL report http://residential.jll.co.uk/new-residential-thinking-home/research/crossrail-identifying-opportunities-january-2015.aspx

[3] Knight Frank report http://content.knightfrank.com/research/520/documents/en/2015-2767.pdf

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