Landwood reports upturn in online auction business

Landwood Property Auctions has seen an increase in business as buyers turn to online auctions amid the COVID-19 pandemic.

James Ashworth, director of Landwood, has seen a growing confidence in proceeding with online auctions while the rest of the housing market looks uncertain.

He said: “It is obviously a very difficult market out there at the moment, but we have seen lots of activity in our auctions this week – with the highlight being a house in Wakefield where the client had previously experienced two sales falling through with estate agents. We secured the higher price after very competitive bidding.

“And next week’s auction is over 50% larger than the corresponding week in March 2019.

“We are here to support those who simply can’t wait until this is all over to sell – and can do so in a safe and zero contact manner.

“Investors are still keen to add to their property portfolio and sellers don’t have time to wait so we are seeing that supply and demand is there.”

The bidding takes place via a live stream.

Ashworth added: “Online property auction houses like Landwood are uniquely set up to run smoothly in these very unusual times we find ourselves in.

“Buyers can access our lots online, they can place a bid and buy a property without ever having to leave their front door.

“Legal documents can be sent, lots viewed online – and the deal done from behind a computer screen.

“Whilst the government is encouraging house moves to be put on hold and there are obvious issues for those in traditional chains and/or requiring mortgages, our online auctions can provide an important service for those who need to sell their property assets to raise funds quickly and there are cash investors out there still looking to carry on with acquisitions.

“Many properties sold at auction are either investments with tenants in situ, or vacant and the sale of these shouldn’t result in unnecessary house moves.”

Last summer Manchester-headquartered Landwood became the first online auction house to hold virtual auctions weekly.

It began operating in 2018 as one of the first national agents to take all their auctions online.