With news of the Autumn Budget set for 26th November, the October Auction saw an air of caution from buyers concerned about what the Labour Government might announce and how this could affect property markets across the UK.
Despite these concerns the auction venue at Trent Bridge Cricket Ground was busier than expected with a particularly high level of registered remote bidders and competitive bidding which resulted in a total amount of £5,818,000 raised and a success rate 87%, much better than anticipated.
Lot 1 was the star lot of the auction, an impressive 5-bedroom country residence in Teversal guided at £375,000, and which sold to an overseas online bidder at £500,000 much to the client's delight!
In a theme consistent to the summer auctions, parcels of land proved popular with most securing very strong sale prices, a good example being the land in Glamorgan guided at £7,000 which eventually sold to a bidder in the room at £78,000, over ten times it’s estimated Guide Price.
Traditional residential houses drew less interest than we would normally expect, but the HMO investments with secure incomes proved very popular with investor buyers, most with double digit returns.
The same applied to commercial investment properties, many of which were sold prior to auction with investors being attracted by their full repairing leases and high rental returns.
The car parking spaces in West Bridgford which sold for £70,000 demonstrated the continued demand for parking near the city, this location bolstered by the sporting venues of Nottingham Forest, Notts County and Trent Bridge Cricket Ground.
The total amount of money raised for this auction along with the high success rate is an encouraging sign that investors still favor property as a secure home for their money. And we expect our final Auction of the year 11th December to be even better, as December is traditionally the busiest auction of the year as people look to secure property before the year end.
To enter your property please call the office on 0115 7844 600
