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Repossession auction: REDC's debut falls a little flat
The American ‘invasion’ of our auction market has had a less-than thrilling result in spite of all the razamatazz. The REDC series of five auctions with 500 repossessed properties across the UK culminated in a ‘huge’ event at London’s Excel on Sunday 5th April. An unusual day for an auction and, it seems, one unpopular with real property investors who were somewhere else drinking beer or enjoying a glass of wine with their roast.
The original auction catalogue had 117 lots, to which four lots were added. 26 lots were withdrawn and so a total of 95 lots were offered. Six of these lots were reoffered during the auction but just 23 lots were announced as sold with the hammer going down and 14 lots were announced as provisionally sold. To cement the day’s failure, another 35 lots that had not sold at previous auctions during the week (around the UK) were offered but none sold, although one was announced as provisionally sold.
So a grand total of 130 lots were offered on Sunday 5th, with just 23 lots selling – or 17.7 per cent.
REDC were very coy when asked for a comment, “No comment, no press release, no figure will be given,” we were told. However, we were sent an email asking if we’d like to bid for any of the 202 lots available in their online auction. Your PROPERTYdrum correspondent looked but the one I liked in the London auction – a very swish glass number in Sandbanks, Poole had gone.
I felt quite distressed.