Despite high level of uncertainties surrounding brexit, the property sector in the UK has responded well. Although, there have been predictions of challenging times for the property segment in the UK, increasing number of commercial property auctions have proved the arithmetic of brexit consequences wrong. In what were tough times for the property asset classes and the buy-to-let sector in particular because of the 3% surcharge, the commercial property auctions sector has continued to enjoy high level growth. It has brought the much-needed stability in turbulent times. In a clear sign of the situation, figures show no fall in demand at commercial property auctions and investors are going ahead with their plans of investing in real estate and property across the UK.
Contrary to opinions expressed by experts, commercial property auctions continue to dominate the investment spectrum. They include high-value residential and mixed-use investment land sites as well as first and second time buyer markets. There has been a rush of landlords and buyers at commercial property auctions trying to step on the property ladder. As commercial property auctions are considered secure and quick way to enter the property investment market, they have become the center of attention in recent times. Commercial property auctions are the best and most suitable way to buy a property in a transparent and genuine manner and become the owner of a dream home.
Above all, the commercial property auctions process is straightforward. It involves a winner who emerges as the new owner of a property, immediately followed by an exchange of contracts inside the auction room which includes all the terms and conditions, and an agreed completion date. The contract at commercial property auctions is legally binding on the parties to the contract from the moment the hammer falls. The process is particularly popular among those looking for properties in highly competitive locations as these properties are bought quickly.
With increase in popularity of commercial property auctions, lenders are offering more options to buyers. Mortgage offers are issued quickly and some lenders waive application fees as well. This has led first-time buyers to get hold of their first property following a quick process. Despite all this, there is no need for sellers to compromise on price because of increased transparency and reduced time of completing the deal. This fact can be seen from the price of high-value properties which are often sold above the asking price because of high demand.
Sometimes, it is believed that only below-average property are sold through commercial property auctions, which is not true at all, as the auctions involve pricy and attractive properties as well. They include properties located at expensive and upmarket areas. The reason behind selling a property at commercial property auctions is the ease and speed of completing the transactions in a transparent way, which is beneficial to both the parties involved.