Our Managing Director, Daniel Hertz, recently shared his expert insights on the property auction market with The Jewish Chronicle. Read what Daniel had to say about market trends and his predictions for the year ahead below.
“In the second half of 2023, despite economic headwinds, Commercial Acceptances continued to see steady demand for bridging loans from developers looking to purchase properties at auction. In the current economic climate, our developer clients are understandably cost-sensitive, but are still active in the auctions market as long as the price is right. Whereas earlier in the year many people were taking a ‘wait and see’ approach, the last quarter of 2023 saw a gradual return to normal conditions. Developer clients value the speed and certainty that purchasing at auction afford compared with the open market. Property in the right locations, where value can be added, continues to command a great deal of interest at auctions and as a result values have held up comparatively well.”
“There has been strong interest among non-professional buyers such as families and first-time buyers, in purchasing properties at auction, which is increasing competition for the seasoned professionals. We would expect to see this trend continue and a broader range of prospective auction buyers continue to enter the market over the coming months. With interest rates predicted to start to drop from as early as May and greater certainty as to when the General Election will take place, we’re already seeing confidence in the market grow and expect to see applications for new loans continue to grow apace. As a ‘through the cycles’ lender Commercial Acceptances will be there to provide financing solutions for customers in good times and bad. Our long-term relationships, which in some cases span different generations of the same family, are a testament to the quality of service that we provide.”
When time is of the essence—such as an auction purchase—we get matters moving quickly. We encourage you to contact CA before the auction. Our experienced Lending Managers can offer you a quick decision in principle and provide you with Heads of Terms ready for the auction.
Contact us today on 020 3857 6350
