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Manchester properties to be auctioned in new "rapid-fire" style
30/03/2009
A number of Manchester properties are to be auctioned in a new "rapid-fire" style, a US company has said.
Real Estate Disposition Corporation (REDC) claimed that its auctions offer "an exciting atmosphere" and quick property sales, Crain's Manchester Business reports.
It is to hold one of its first UK events in Manchester on Saturday April 4th and so far has 123 homes on its books for the day.
A spokesman for REDC said that the north-west city is one of five places where the company will test its new style of auctions.
According to Andrew Brown, auctioneer at the Manchester and Leeds offices of Eddisons, the sales method and high fees charged by the firm may not suit Manchester consumers.
He said: "It's certainly got everyone talking and it will be interesting to see how they do, but I'm not sure the serious auction buyer will want to pay a ten per cent fee."
Established in 1990, REDC conducted 300 auctions in 2008 and auctioned a total of 32,800 homes over the 12-month period.
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