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(EMAILWIRE.COM, March 25, 2009 ) UK - When something starts in America, it usually trickles across the pond to us here in Blighty sooner or later - the latest US fad to reach the UK is the super-sized auction selling nothing but repossessed properties - up to 500 at a time – which is getting bargain hunters on both sides of the Atlantic a little hot under the collar…
AmericaÂ’s largest auction house, Real Estate Disposition Corporation (REDC) is gearing up for a series of huge repossession property auctions in the UK after having massive success with the concept in the US.
Back on the 7th March, adverts were launched in UK national newspapers to publicise the auctions.
Estate agent Keith Hollinrake, formerly a director of Hunters in the north and now a property consultant, is advising REDC and has been keeping track of the consumer response to the advertising of the UK auctions.
The American auction property giant asked him to find out whether the concept would transfer from US foreclosure to UK repossession. So far, he says, the response from consumers has been ‘phenomenal.'
Up to 1,000 people are expected to be battling it out for 500 repossessed lots at the first UK auction, which is being held at the end of March.
The five-day sale opens in Newcastle on March 31st before going to Leeds, Birmingham, Manchester and London on the next four consecutive days.
The layout of the auction is being changed slightly to appeal to UK audiences, including the removal of the bell that sounds when a property is sold at an American auction.
REDC auctions also have no starting prices on their properties and catalogues are free. There will also be mortgage broking facility on-site at each sale.
But, there is a catch. (Sigh). Successful bidders must hand over a whopping 10 per cent buyerÂ’s fee to the auction company, as opposed to around two per cent which is more standard here in the UK.
To date, most of the properties that have been sold at these auctions in the US have gone to owner occupiers rather than property investors.
“REDC sales have the potential to revolutionise UK auctions,” says Mr Hollinrake.
For more information on auction properties and the market in general, please visit http://auctions.themovechannel.com/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.themovechannel.com
0207 952 7650
TheMoveChannel.com
Dan Johnson
020 7952 7650
dj@themovechannel.com 
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