Barnard Marcus National Auction Review 2017
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1 Barnard Marcus National Auction Review 2017
2 Contents Introduction 3 Results 4 Market Share 5 Regional Analysis 6 Investment Yields 7 Economic & Market Update 8-9 Auction Highlights 10 Our Client Base 11 Buying and Selling Guide 12 Our service 13 About us 14 Meet some of the team 15
3 Introduction Chris Glenn Divisional Managing Director, Barnard Marcus Auctions I am delighted to bring you this review of our auction business for As I prepared to write this back in November, we learned of a much welcome reduction of stamp duty costs for first time buyers for properties up to 300,000 and relief in high value areas such as London, for buyers of properties up to 500,000. I look forward to this stimulus bearing fruit during Indeed our December auction has already demonstrated an increased demand from buyers yielding us our best sales success rate on the day for the whole year. We also seemed to have made significant headway in Brexit negotiations, so much of the uncertainty around the market during 2017 may be relieved in the forthcoming year. Nonetheless our success requires much effort and investment. Our team at Barnard Marcus is one of the most experienced available with the senior team alone bringing some 250 years industry experience. Whilst 2017 may have traversed a more difficult time for the property market, I am delighted to report continued growth for our business on most metrics. Lots offered up 18% to 2,161, lots sold up 17% to 1,565 and the total value of property sold in our London Auctions stood at an impressive 258m. More significantly, our market share of lots offered has further risen this year. We now offer 27.1% of all lots offered by residential auctioneers in London. That is a staggering 610 more lots than our nearest rival! I can look forward with confidence to the forthcoming year and eagerly anticipate the rewards of the very major investments we are currently making... As part of Sequence Auctions, which includes our regional brands located in Southampton, Norwich, Leeds and Derby, ours is truly a national business. As a group during 2017 we have offered some 3,040 properties and achieved total sales valued at 343m. This year we have continued to expand our client base to include an increasing number of public bodies including local and regional council authorities together with substantial portfolio clients, private sellers and receivers who have benefited from our ethos of delivering excellent customer service and obtaining best price for our sellers. We continue to provide one of the widest spectra of property across most UK locations available under one roof. Upon such strong foundations, I can look forward with confidence to the forthcoming year and eagerly anticipate the rewards of the very major investments we are currently making to our business to improve our customer experience at all levels. We have another full programme of 10 auctions planned for 2018 with our first sale planned for Monday 5th February. I look forward to seeing you at this, or at one of our later auctions soon and wish you every prosperity for the year ahead. 3
4 Results 2017 Market share Lots Offered - up 18% on % Lots offered 2, February March April May June August September October November December Lots sold 1,565 Lots Sold - up 17% on Capital Raised m February March April May June August September October November December
5 Market Share In 2017 we offered and sold more lots than any other London Residential Auctioneer. Barnard Marcus 27.1% Athawes 0.2% Lime Auction House 1% Philip Arnold 1.2% Lansdown Property Auctions 1.2% Network Auctions 2% Strettons 3.3% Harman Healy 3.7% McHugh & Co 3.7% Lambert Smith Hampton 4.7% Andrews & Robertson 6.5% Auction House London 9.3% Allsop Residential 19.4% Savills 17% Data Source: The Essential Information Group 03/01/2018 (Lots offered by London Residential Auctioneers) 5
6 Regional Analysis Total 2,161 Barnard Marcus are national auctioneers covering all regions on the UK. Scotland 19 Yorkshire & Humber 203 Northern Ireland 3 North East 135 North West 195 East Midlands 31 Wales 86 East 22 West Midlands 78 Greater London 416 South West 77 Home Counties 896 6
7 Investment Yields Yield No. of Entries Yield on Assured Shorthold Tenancies 7.56% 514 Yield on Regulated Tenancies 6.88% 5 Yield on Ground Rents 1.96% 13 Total 532 Barnard Marcus is the leading brand within Sequence Auctions. We hold 10 Auctions a year, offering a huge range of nationwide properties, sites and land for investment, development and occupation. 7
8 Economic Market Update Properties offered in UK Auctions 32,915 National auction sales value 4.54bn House price inflation slowed to 5.4% Background 2017 was perhaps always expected to be an unpredictable year whilst Brexit uncertainties continued to dominate the news and certainly the second half of 2016 displayed this underlying uncertainty. Nonetheless we continued to enjoy a market underpinned by record low interest rates for most of the year and continued falls in unemployment to record lows. The market had not predicted the snap election called for June 8th and whilst when originally announced the results seemed predictable, the result as we all learned was not and this continues to unsettle markets until Brexit negotiations are fully concluded. Economy In 2016, Britain and Germany were the fastest growing economies in the G has seen slower growth for the UK with growth for Q3 at 0.4% and a year on year growth figure of 2.3% as businesses delay investment plans and household incomes start to be squeezed by rising inflation. The UK inflation data as published by The Office for National Statistics indicated that The Consumer Price index (CPI) showed an annual rise of 3%, its highest level since March 2012, pushed ahead by rises in food prices resultant from the value of the pound against the dollar and euro. It is expected as these factors work through the system inflation is likely to start to fall back again. However the data was sufficient for the Bank of England to make its first increase in interest rates for 10 years when in November base rate was increased to 0.5%. The unemployment rate has tumbled over the past four years from eight per cent in January 2013 to a 40-year low of 4.3 per cent although the pace of decline is now showing signs of easing back. 8 Forecasts for 2018 remain uncertain until the implications of Brexit become clearer, but demand for housing in the UK remains strong.
9 House Prices Latest data from the land registry published in November showed UK house price inflation at 5.4% taking the average UK house price to 226,367. Regional variations continued to be evident, with the largest growth being recorded in the North West where inflation stood at 7.3% with London at 2.5%. The UK Property Transaction Statistics show that the number of seasonally adjusted transactions on UK properties with a value of 40,000 or greater increased by 4.6% between September 2016 and September However, comparing September 2017 with August 2017, the number of seasonally adjusted property transactions has decreased by 1.8%. Volumes in London in the period post the election also fell 13.7% in June and 24.5% in July. Our business continues to grow despite a contracted market Repossessions Whilst repossessions remain a feature of our auctions, currently representing 14% of the total stock offered, data from the Council of mortgage Lenders (CML) indicate repossession levels for the whole of 2017 are set to be just 6,500, a further reduction on the 2016 figure of 7,700 and a mere fraction of the total of 2009, when at the height of the financial crisis repossessions peaked at 48,900 and repossession stock in our auctions represented around a third of the total. The number of borrowers in arrears of 2.5% of the loan balance is also down again this year and stands at around 88,300 compared with a 2009 peak of 216,400. Interest rates rose following the Bank of England s Monetary policy meeting in November and the base rate was restored to the pre referendum level of 0.5%. It remains uncertain what effect this may have on borrowers, but whilst employment remains strong any increase in possession levels seems set to be modest for the time being. UK Property Auction Market Data from the Essential Information Group who have recorded Property Auction performance across the whole of the UK since 1990 show that in the 12 month period to November 2017 the total number of properties offered at auction fell by 1.6% to 32,915 with the total number of recorded sales falling by 0.5% to 25,180. Set against all UK transaction levels currently around 1.15m cases per year, around 33,000 cases with a capital value of around 4.54bn are accounted for by auctions. We are delighted to see our own figures far outranking national averages with lots offered up 18% to 2,161 and lots sold up 17% to 1,565. Data from Council of Mortgage Lenders, Essential Information Group, Office for National Statistics, HM Land Registry 9
10 Auction Highlights 2017 Lot 112 February Substantial 5 floor building Lot 11 March Freehold 3 bedroom house Lot 49 March 18 Apartments Lot 1 April Self contained 1 bedroom flat Guide: 285,000 Sold: 420,000 Guide: 300,000 Sold: 386,000 Guide: 1.05million Sold: 1.2million Guide: 350,000 Sold: 484,000 Lot 23 April Substantial 5 bedroom house Lot 43 April Self contained 1 bedroom flat Lot 8 May Freehold 4 storey building Lot 11 May Leasehold lower ground floor flat Guide: 500,000 Sold: 990,000 Guide: 425,000 Sold: 600,000 Guide: 650,000 Sold: 736,000 Guide: 250,000 Sold: 298,000 Lot 14 June Four floor building with PP Lot 22 September Two floor former NHS Care Units Lot 9 October FH house arranged as 2 flats Lot 31 October Site with Planning for 9 Flats Guide: 1.1million Sold: 3.9million Guide: 850,000 Sold: 1.27million Guide: 375,000 Sold: 570,000 Guide: 1.35million Sold: 1.48million 10
11 Growing Client Base Barnard Marcus offer one of the widest selections of property available for sale under one roof. Many existing and new clients are experiencing the added benefits we offer as a regional auctioneer with a chain of agency offices offering truly national strength with local knowledge. Just a few examples of clients who have enjoyed success in selling with us: 11
12 Buying and Selling Guide Only a few years back, property auctions were shrouded in such mystery that only seasoned property professionals became involved. The advent of property related programmes on television, has demystified much of the process and opened up the exciting world of property auctions to a much wider audience. Figures at Barnard Marcus show that the majority of buyers are those that we have not dealt with before and come from a much wider pool of domestic buyers or those seeking to enter the property investment market to seek better return than more traditional methods provide. Buying at Auction Buying at auction differs from the normal Estate Agency approach, where an offer is submitted, negotiated upon and a price finalised. Solicitors are then instructed and the legal conveyancing undertaken all leading to an exchange of contracts some weeks later. At auction you bid, and if you are successful you become the purchaser with contracts legally exchanged upon the fall of the gavel. The average lot takes just 2-3 minutes to sell, so the process is in stark contrast to the private treaty method! This needn t alarm buyers, it just means that all the due diligence work, checking out the property, arranging a survey and finance (if needed) and all legal aspects needs to be done in advance of the auction day. The property descriptions appear in the catalogue, together with the legal pack of documents including the land registry documentation and other legal information which is available online for buyers and their solicitors to inspect. Our catalogues are released around 2½ weeks before the auction, so speed is essential to complete all relevant enquiries prior to bidding. The legal pack will contain a document entitled Special Conditions of Sale, which will set out more specifically the terms of the contract into which the buyer enters, and is an important document to check. We encourage buyers to inspect all this documentation and inspect properties where possible to ensure there are no doubts prior to bidding. Finally it is important to emphasise that at auction, if successful, you become legally bound to buy and pay the normal deposit of 10% (or other as specified) on the day, and have access to funds to complete by the specified date. 12 Selling at Auction Auctions provide a valuable alternative to sale by private treaty sales, where sellers are looking to maximise price and sell within a defined time frame. The period between instructing us and exchange of contracts is typically 3-4 weeks, with a success rate of around 75% of properties offered, Barnard Marcus provide a highly effective and fast route to sale. We will give you an opinion on price and will suggest a guide price at which the property be marketed, and the reserve price (the figure below which the property will not be sold). As soon as you confirm instructions you should instruct your solicitor as they will need to prepare the legal documentation which is made available to prospective bidders. We will generally arrange viewings of the property (if empty) so you will need to arrange for us to hold keys. If the property is occupied will we discuss the most appropriate viewing arrangements with you. We produce an auction catalogue and will send you a proof to check and approve. In contrast to High Street Estate Agencies, our marketing is national rather than local, and our auctions are promoted to our active list extending to nearly 150,000 names. We advertise in local and London media, and properties are displayed on all main national property portals. We will handle everything for you on the day. Our team of experienced auctioneers will obtain the best bid at or in excess of the reserve price on the day and sign all paperwork on your behalf. After the auction we will send all contract documentation to your solicitors so that they may handle the completion on your behalf.
13 Our Service If you are looking to sell and have not yet considered auction as a potential route to sale, why not call a member of our team for a free, no obligation discussion and appraisal. Auctions offer a valuable alternative route to sale for those wishing to maximise price within a defined timescale. Typical properties suitable for sale by auction include, but are not limited to: n Vacant property with potential for improvement or development n LPA Receivership cases n Repossessions n Properties with legal or condition issues n Regulated tenancy investments n Assured tenancy investments n Ground rent investments n Sites with or without planning permission n Probate cases n Commercial Property (vacant or for investment) n Property portfolios n High demand locations where demand outstrips supply To find out what we can do for you or for a free auction appraisal call us on
14 About us Barnard Marcus Auctions are part of Sequence (UK) and together with our regional Auction Rooms in Southampton, Norwich, Derby and Leeds have brought some 3,040 lots to the Rostrum this year and have raised over 343m for our clients. We are part of and supported by The Connells Group, one of the largest, most profitable and diverse property services groups in the UK. Our group functions provide a wide range of expertise from Land and Planning advice, Property Rentals and Management, Corporate Asset Management, Legal and Mortgage services together with a large survey and valuation function. Our Group Estate Agency network extends to some 595 trading branches throughout England, Wales and Scotland. It is through this national coverage that we are able to provide the unique blend of a national auctioneer, backed up with sound local marketplace knowledge. We consistently strive to bring a wide range of purchase opportunities for buyers and obtain best price for our sellers. At Barnard Marcus, we believe that experience and consistency are at the heart of delivering best service. That s why we work hard to employ and retain the most experienced property professionals and those with credible experience and track record. Our key team members alone provide a grand total of over 250 years industry experience. We seek to make full use of modern innovations and we are delighted to announce a new web offering which is planned for launch later this year. As the largest London based provider of residential auction lots to the UK market, whether you are an experienced property investor, a private or corporate seller, or just starting out in property investment, Barnard Marcus have a bespoke service to suit your needs in
15 Meet some of the team Christopher J. O. Glenn Divisional Managing Director Brian Grante Sales Manager/Auctioneer James Paterson Operations Manager Sharon Chandler Contracts Manager Lucia Pincott PA to Managing Director Matthew Rosenz Client Relationship Manager Meghan Mamo Corporate Sales Manager Richard Vango Negotiator Max Ferrari Negotiator Nathan Greaves Negotiator Thomas Mason Negotiator Milana Abromikas Head of Administration Kimberley Heath Accounts Manager Simon Williams Business Development Sheila Naughton Telephonist 15
16 Auction Dates 2018 Auction date Monday 5th February Tuesday 13th March Monday 16th April Tuesday 22nd May Tuesday 26th June Monday 30th July Monday 17th September Monday 15th October Monday 12th November Monday 17th December Deadline 12th January 16th February 23rd March 27th April 1st June 6th July 24th August 21st September 19th October 23rd November Contact us Address: Sovereign House, 361 King Street, Hammersmith, London W6 9NA Telephone:
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