Around 120 repossessed residential properties spread across the UK will be auctioned at two big events scheduled for Manchester on Saturday June 27 and London on Sunday June 28.
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More than 1,100 bidders have already registered online at www.auction.com for the auction. That is more pre-registered bidders per property than the last time REDC conducted its auctions in the UK .
Rob Friedman, Chairman of REDC said: “We've also had more than 800,000 page views on www.auction.com in regards to the properties in the Manchester and London auctions. We're expecting fantastic results from these auctions. We're looking forward to two exciting auction days.”
An online auction which started on 30 May ended on the June 17.
Friedman also explained: "One of the interesting elements we've added to this upcoming two-day auction is an online dimension. REDC has been at the forefront of the global online explosion and is the global leader in online real estate auctions. The online auction we did for UK properties was successful for the people who wanted to buy properties before the live auction on the 27th and 28th.
“What we are doing online for this upcoming UK auction is this: if people cannot make it to the live auction, they are still able to participate through our live, real-time, webcast at www.REDClive.com. We expect this added element to be very successful."
Buying at auction find out more
The 120 properties that are in the auctions are still available for consumers, homeowners and investors to view and inspect. But it is the last chance for people to view and inspect them before the auctions in Manchester and London , explained Friedman, “so they need to call their estate agents today to schedule a viewing now.”
REDC, the biggest auction house for repossessed homes in the US , made its first foray into the British market with a series of five major auctions across the country at the end of March and beginning of April.
“The auctions proved to be such a success that we knew we had to come back to the UK and help turn more repossessed vacant houses back into homes” said Friedman.
REDC’s high octane mix of big events, attracting hundreds of people in a lively atmosphere, shook the traditional UK property auction industry to the core.
“We have proved our formula which adds a lot of fun and excitement into the auction process can work just as well on the UK side of the Atlantic as it can in the US ,” said Friedman. “While there are some early signs of recovery in the UK housing market there are still a huge number of repossessed homes out there that need selling.”
Repossessed properties
REDC only auctions repossessed properties that it is asked to sell by the banks and building societies and nearly all the properties on sale will have been on the market, standing empty for at least six months.
Said Friedman: “We were delighted with the response to the first round of auctions and we have had a constant series of requests to hold more in the UK . Those properties sold in the first round of auctions are now no longer empty. Their new owners will be spending money locally helping both employment and the community.”
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