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Press Release: London, 29th May – Essex couple opt for innovative new online auction as potential buyers struggle to get mortgages.

This week Humraz (www.humraz.com) unveiled the first half a million pound property for sale through its unique auction model: a luxury five-bedroom detached house in the Essex village of Bradwell. The property’s owners will recoup its full £515k value, whilst the buyer is guaranteed to pay less than £25k.

The value of the property will be covered by individuals reserving and buying seats at the auction. Depending on interest in the auction, seats will cost between £70-£130.

When an auction goes live bidders must use the auction status information provided to place the lowest unique (i.e. unmatched) bid at the auction close. In theory, the buyer could fix a price as low as £0.01, but in practice it’s more likely to be hundreds of pounds.

The concept is exciting first time buyers across the country, as the credit crunch and end of 100% mortgages make getting on the property ladder more difficult than ever. As Humraz founder Asmat Monaghan suggests, the auction model favours people with ‘more sense than money.’

The current market conditions make Humraz an attractive option for home owners also. Since launching the auction concept last month, Humraz have been deluged with requests from people looking to sell their property.

‘A consequence of the dip in the housing market is that people are increasingly eager to innovate,’ says Monaghan. ‘We have had a phenomenal number of requests, but we’re committed to only selecting the best quality property. The Essex house certainly meets our criteria.’

Proof that Humraz’s new system works was provided last Friday when a £300 gift card for a Knightsbridge department store was sold for £0.92. ‘This is a powerful mechanism for enabling people to afford the unaffordable,’ says Monaghan. ‘The store gift card auction proved the system works well – we’re now looking forward to applying the same principles to property.’

A Humraz training auction is currently in pre-booking phase. Visit www.humraz.com for details.

For further information, images and interviews with Humraz directors and participants, please contact:

Sami McCabe
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001
e: sami@ubiquitycomms.com

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