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Auction interest on the rise - 4 November 2009

The country’s largest estate agency and property services group, Countrywide plc, has announced the launch if a special three-day property auction event to cope with the rising demand for properties under the hammer. The event, which will take place on 17th, 18th, and 19th November in London, Glasgow and Manchester has already attracted some 240 motivated sellers, all of whom are committed to selling before Christmas.

There will be a wide range of lots going under the hammer at the three events, ranging from investment opportunities at £25,000 to large family homes, including a seven-bedroom hillside property on the Isle of Wight.

Buyers have also been keen to get involved in the event, especially as the Government’s Stamp Duty holiday, exempting homes up to £175,000 from the 1 per cent charge, comes to an end on 31st December 2009.

Launching the event, Mark Tanton, Countrywide Principal Auctioneer, said: “One of the main benefits of buying and selling at auction is the variety of homes available and the speed of sale – the drop of the gavel signals the exchange of contacts and sales complete in just 20 working days.

“In this market, people are looking to move fast before house prices increase and to beat the return of Stamp Duty. We’ve been overwhelmed with the variety of stock going under the hammer – there will be classic first time buyer homes, modern apartments, Grade II listed cottages and Land development opportunities–there is something for everyone.”

Properties of interest which have already been put forward for the sale include the seven-bedroom hillside house on the Isle of Wight, which has a guide price of £500,000 to £550,000, and Picton House in Gloucester – a two-bedroom apartment in a building commissioned to be built for Lord Picton in 1815 by the Duke of Wellington – both of which will be sold at the London auction.

Other properties likely to tempt investors include a two-bedroom terrace in Colne, Lancashire which has a guide price of around £35,000 and a plot of development land in Rhyl with planning permission for two apartments, priced at £75,000.

The London event will see 88 properties being auctioned on 17th November, followed by 83 properties in Glasgow the next day and a further 75 properties going under the hammer in Manchester on 19th November.

More details can be found at www.countrywidepropertyauctions.co.uk

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