Austin Gray Auctions

Austin Gray Auctions celebrates a major milestone in property auctions

Austin Gray’s Auction Department held their 100th auction at the end of July. The firm held its first auction in 1992 at The Dudley Hotel, where sales continued for many years, until switching to their current auction venue at Hove Town Hall.

The best year on record was 2006 when the total achieved was £14.47 million but the department are set to break the record this year, as the total achieved so far for the first three sales, stands at £11.42 million, with three more auctions to come.

The department is run by Nick Muston FRICS, who first started in auctioneering back in 1980 at Graves Son & Pilcher. He was educated in Brighton and has always worked within Sussex establishing excellent local contacts within the professional community.

“A property auction not only attracts the right kind of vendors but more importantly the right buyers,” says Nick. “These days one is not just reliant upon the property professionals of yore but a whole host of property-savvy private buyers who know the market place and have funds ready and waiting for the perfect opportunity”

The limited time frame in which to promote the auction lots ensures a concentrated and targeted marketing campaign which focuses the minds of the buyers. On certain lots the desire to secure a lot can often result in substantial offers being received prior to the auction.

Whether sold prior to, or on the day of the auction, all lots are sold on an auction contract. This means that in advance of the sale a client’s solicitor has produced an auction contract often referred to as a legal pack. If an offer is accepted then the buyer will sign this contract and pay a 10 per cent deposit, either in the auctioneers’ offices or at the auction room. This is the exchange of contracts and is legally binding with completion normally 28 days later. This eliminates all the uncertainty and stalling that can occur with private treaty sale.

Traditionally an auction would comprise a certain type of lot. This would range from properties in poor condition, flats with short leases, investment or development properties, land, ground rents or garages. However, they are also now offering flats and houses in good condition which realistic vendors are happy to price aggressively to achieve a quick sale

For more information on Austin Grey Auctions call 01273 201980 or visit www.austingray.co.uk