Despite the on-going cost of living crisis and soaring inflation rates, our August auction saw a packed room and competitive bidding, resulting in a strong £5,534,640 being raised (84% success rate).
Highlights of the day included the sale of an investment property in the heart of Nottingham City Centre offered For Sale be Nottingham City Council, let to a Private Shop and let at £30,000pa. The property was guided at £300,000 to £350,000 which was soon surpassed as investors both in the room and bidding overseas bid the property to the eventual sale price of £496,000.
Traditional terraced houses received a mix response, some well exceeding their reserves whilst others were snapped up after the auction had concluded. Most popular were the vacant houses in need of refurbishment which appealed to the regular trade buyers who are always keen to secure projects in the knowledge that contracts are exchanged on the fall of the hammer (and 28 day completions) allowing them to pre-order their building materials ahead of receiving the keys.
Land was also in high demand, particularly for speculative development land where planning would be required. Noteable sales included the 2.2 acres of land at South Witham near Grantham, a rectangular parcel of land with no planning permission which was guided at £45,000+ and sold in the room for £140,000 much to the joy of our client.
The most anticipated properties of the day were the 5 lots being offered at Attenborough Nature Reserve on behalf of a family who'd owned them since the 1930's. The first lot to be offered was the main Bungalow, guided at £125,000+ and which sold after energetic bidding for £215,000. Behind this was 3.8 acres of land in the SSI which sold for £31,000. A former Boathouse was also offered at a Guide of £75,000+ and which in the room for £125,000. The one acre of land adjacent to the River Trent with fishing and Mooring rights sold for £32,000 off a Guide of £10,000+ and the final lot, a 1.06 acre plot adjacent to the main entrance sold for £31,000 (Guide £15,000+). The clients were delighted with the fact that all the lots sold and well exceeded their expectations.
This was another strong auction against a back-drop of continued market uncertainty, highlighting again the advantages of selling by Public Auction where strong prices are being consistently achieved and quick sales. Entries are now being received for our next auction on 20th October.
