Press Release

SVA Property Auctions, Scotland’s independent property auction company, has attracted a full auction room and achieved sales of over 2.85 million in its November auction.
Shaun Vigers, SVA director and auctioneer, is pleased with the headline results but reports some interesting developments in the way customers and vendors are using the auction resource. He comments: “We are increasingly seeing considerable pre and post auction activity and there is some evidence that the pool of people with independent finance, willing to invest in property, is getting smaller. Buyers are still willing to pay the right price for the right property but they are reluctant to be pushed beyond their budget in an auction room. They are opting to put in a take it or leave it pre-auction offer or risk waiting out the auction and put in a post auction offer. Some private vendors are also increasingly happy to negotiate pre and post auction for a sensible, secure offer. The bird in hand option is looking very attractive compared with the two in the bush.”
Whilst the room was busy, the majority of the buyers were looking at specific lots, predominantly sites and plots for land banking and listed buildings both of which are seen as having no immediate ongoing liability and no vacant rates. Says Vigers: “Land banking and buying up listed properties for future development are sensible investment opportunities and lots which fall into these categories are selling very well. The other issue is that people who are buying are emptying their wallets and few, at present, have the budget for costly financing of ongoing repairs and rates or extensive refurbishment. They hope that by the time they have obtained planning and listed building consents, the banks will have loosened the purse strings.
A 1.8 acre development site overlooking Tailend Roundabout in Livingston sold under the hammer for £84,000 and Howden House, a category B listed Georgian mansion, also in Livingston, sold for £98,000. Says Vigers: “These are good examples of where people are putting their investment cash. These prices, achieved in the auction room, reflect the costs of tieing up money pending securing planning consents and working through the development/refurbishment to bring the land into use or the buildings back into beneficial use.”
SVA Property Auction’s next sale is on Thursday 23rd February 2012 at 2pm at the Albany Suite, Swallow Hotel, 517 Paisley Road West.
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NB: Photography can be lifted from the catalogue with no copyright infringement or equally can be lifted from the website "http://www.sva-auctions.co.uk" www.sva-auctions.co.uk

For further information, please call Shaun Vigers, SVA Property Auctions on 0131 624 6640.