The UK’s biggest property auctioneer claims growing numbers of buy to let investors are choosing to sell by auction rather than via estate agents.
Auction House founding director Roger Lake says that the argument is swinging back to favour those selling such homes as tenanted investments rather than servicing notice to the tenant and selling them as vacant properties.
“Most estate agents tell their letting clients to decant their tenants before instructing them to sell the property. But ... not only do landlords stop receiving rent but the property often looks unkempt and might need redecoration. The process is invariably long and sometimes tortuous and will require the landlord to find monthly mortgage repayments from other sources for up to six months or more” he claims.
“By contrast, an auctioneer will recommend that landlords sell with tenants remaining in place and the properties offered as tenanted investments. This has the prime advantage of the landlord continuing to receive rent.”
Lake there was some hesitancy in auction activity immediately after the introduction of the stamp duty surcharge but he anticipates normal trading volumes will return over the summer and autumn.