Credit crunch crisis and end of 100% mortgages leads savvy city boys to Humraz’s unique new auction model.
Humraz (www.humraz.com) runs live online auctions in which assets sell for a fraction of their value. For example, a £300k four bedroom house in Staffordshire will be purchased for less than £15k – although the seller will realise its full value. Auction participants must apply skill and strategy to achieve the lowest unique bid at the auction close.
Humraz this week reported increasing interest from high-flying graduates in top city jobs who have found themselves priced-out of the UK property market.
One recently-qualified solicitor at a top London commercial law firm has reserved a seat at a forthcoming auction, citing ‘sky-high property prices and no 100% mortgages on the market’ as the principal attractions of Humraz’s unique approach.
The 26-year-old earns an excellent salary, but cannot afford to buy within commuting distance of his Square Mile office. Should his auction strategy result in him buying one of the properties currently available for booking, he plans to sell the asset to generate a sizeable deposit for a London flat.
‘Humraz is attracting a lot of bright individuals who have spotted its potential,’ says the site’s founder Asmat Monaghan. ‘Because buying something for a small fraction of its value is counter-intuitive, most people assume it’s very complex. In truth, it’s actually pretty straightforward.’
Humraz encourages visitors to the site to try the online auction simulation or register for free to participate in one of its regular training auctions. ‘Our auctions are extremely fast-paced: they require real mental agility and skill, so not everyone grasps them immediately,’ says Monaghan. ‘That’s why we provide plenty of opportunities for anyone to get to grips with the system.’
Forthcoming training auctions are scheduled for tomorrow, Friday 9th May at 10am, Sunday 11th May at 3pm and next Thursday 15th May at 10am. Visit www.humraz.com for details.
