London Residential Property Overview

This Greater London property was entered into our May 2015 John Pye Property online auction, with the seller benefitting from our 0% property seller fee offering and nil marketing costs.

The asset had a guide price of £630,000 and was located in Tooting Broadway area of Wandsworth, London, and comprised a three storey period property with four bedrooms; in good condition and fully tenanted – providing an income of £1,600 per annum.

The property was subject to an extensive marketing campaign that included:

  • Online advertising on our own website – johnpye.co.uk – currently recording over 800,000 web hits monthly
  • Detailed sales particulars, including detailed descriptions, photographs and map
  • E-marketing campaign to the John Pye Auctions database of over 250,000 registered bidders
  • Online advertising through leading residential and commercial property website – Rightmove
  • Online advertising through leading social media platforms – Facebook and Twitter
  • Full telesales campaign to property prospects, agents, investors and developers
  • Striking ‘FOR SALE’ board
  • PR & advertisement in national press

The property was then entered into the online property auction and was subject to two days of intense bidding by prospective purchasers; receiving 56 bids in total, with bidding continuing under the John Pye Auctions ‘3 minute rule’ for a further 16 minutes past the original scheduled end of the auction.

Bidding finally ended and the property was subsequently sold for £630,500; as the bidding for the property had exceeded the reserve price, the property was sold with a legally binding contract.

The 10% buyer’s payment was paid within 24 hours and the sales contract was circulated to solicitors.

Completion occurred within 20 working days.

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