MORE homeowners than ever are turning to auctions to secure the best price for their properties.

With properties as valuable of £500,000 having been sold at auction recently, there is no longer an association between auctions and rundown homes that just won t sell.

Leading North-East estate agent JW Wood has teamed up with Agents Property Auction in an initiative designed to get the housing market moving.

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The partnership has resulted in the auction house becoming the seventh biggest in the country and the most successful in the region in terms of lots sold, capital value raised and the highest average sale price.

Last year properties sold from as little as £5,000 up to £500,000, from lock-ups and starter homes to family houses.

According to the auction results for 2012, published by EIG (Essential Information Group), there has also been a growth in lots sold from locations such as upmarket Gosforth, Morpeth and Darras Hall, which historically have not been associated with auctions.

Auctioneer Richard Francis said: These figures have surpassed my expectations. The result I am most proud of is that we achieved the highest average sale price at auction in the North-East.

My aim has always been to offer a professional auctioneering facility with customer service being paramount.

The continued support of our partner agents, including JW Wood, is critical and shows that by working together this extensive marketing is proving that auctions are no longer associated with cheap, run-down properties, but are rather a way of selling for the best price quickly, with the security of a deposit and an agreed completion date.

The Northern Echo: SOLD: One of the many properties successfully sold at
auction recently

JW Woods residential managing director Geoff Graham added: The growth in these figures shows that the market, although price-driven, is moving and there are buyers out there. The growth and popularity of auctions can been seen by the difference in the type and value of properties going under the hammer.

Auctions provide a valuable tool to sell clients homes and can offer a quick way of releasing money tied up in homes.

Auctions are held monthly at the Newcastle Marriott Hotel in Gosforth Park, Gosforth.

There are two ways to buy: either by a traditional auction, in which the buyer buys at the fall of the hammer; or where, at the fall of the hammer, a buyer pays a deposit to secure the sale, then has a few weeks to organise their finances without the fear of gazumping.

Whether clients opt for an auction or conventional sale, they will be assured of receiving the best possible advice from ourselves and our partners, drawing on decades of experience of the market and indepth knowledge of the local area, added Geoff.

For more information on auctions contact Richard on 01661 831360 or JW Wood on 0191 3869921.