The Under the Hammer column with Harrogate estate agent and auctioneers FSS

FSS will hold its next auction at Pavilions of Harrogate on Thursday 19 July.
FSS will hold its next auction at Pavilions of Harrogate on Thursday 19 July.

Harrogate estate agent and auctioneers FSS hold regular property auctions in Harrogate and the next event will be on Thursday 19 July.

The sale follows the May auction which was a huge success for both buyers and sellers.

This character cottage in Knaresborough went to auction in May with a guide price of �180,000 and sold for �195,000.

This character cottage in Knaresborough went to auction in May with a guide price of �180,000 and sold for �195,000.

Each of the lots that went under the hammer in May sold on the day at or above the asking price and both those selling and buying benefited from the fact that auctions avoid the uncertainty and delay associated with other sales methods.

On the fall of the auctioneer’s gavel, both the buyer and the seller are contractually bound to the sale and everyone knows where they stand.

There is no ongoing negotiation over price and no gazumping or danger of a sale falling through.

In legal terms buying at auction is exactly the same as buying through private treaty. However the process is entirely different.

This former station master's cottage near Harrogate sold for �325,000.

This former station master's cottage near Harrogate sold for �325,000.

Auctioneer and property expert Richard Smailes said: “Properties for sale by auction are published in our catalogue, which is available approximately a month before each auction.”

“Buyers can view the details and legal documentation in advance and contact us to arrange a viewing.

“If they are interested at this stage they can do more thorough checks on the property and discuss any details about the property and guide price before auction day.”

Buying at auction can offer the potential for a bargain as some properties are offered at auction at a competitive guide price.

Auctioneer and property expert Richard Smailes.

Auctioneer and property expert Richard Smailes.

Richard added: “Auction properties usually have a realistic guide price that takes into account the fact that the property may need renovating or that the seller wants to sell quickly.”

However, some properties prove to be in high demand and this can push the price up significantly.

Richard concluded: “We tend to know in advance from the level of interest we have had in each property which ones are likely to see the liveliest bidding on the day and when the auction is underway those lots can exceed all expectations and achieve an excellent price thanks to the competitive atmosphere in the room.”