03 March 2020
Despite the continued fears over markets collapsing with the global spread of the Coronavirus, our first auction of the year saw a record turn out and a total sales amount of £3,833,500 (94% success rate).
Highlights of the sale included Lot 1, a 4 bedroom house in Loughborough offered on behalf of LPA Receivers guided at £95,000+ and which achieved a strong sale price of £178,000. Bargains of the day included a London based telephone bidder who purchased 2 fully let shops in Long Eaton for £50,000 each and both of which generating yields in excess of 10%.
Mixed use properties generated the most bidding, an example being Lot 34, 2 shops and 4 flats in Sutton In Ashfield generating £15,780 which sold in the room for £189,000 (off a guide of £150,000).
The most popular lot was a 3 bed detached house in Nottingham, offered on behalf of Legal Executors, which drew a significant number of people to the open viewings and which eventually sold at £182,000 off a guide of £160,000+.
Pauls Giles, Head Auctioneer, commented: 'We were pleasantly surprised by the high turnout on the day which was mostly property investors coming along to see what the mood of the market was like and to access how strong properties were being bid for. As you can see from the results, 94% success rate in February is much higher than we had anticipated but consistent with our February 2019 auction (92% success rate) and certainly much improved from February 2018 auction (where the success rate was only 81%). This a sure sign that market conditions have improved but we await to see the continued affects of the Coronavirus as we head towards our 23rd April auction.'