09 February 2022
Our 9th December auction was no exception with a full room at the Nottingham Racecourse and a catalogue of 46 lots from across the UK raising £4,885,000.
Highlights included the sale of a small parcel of land in Stoughton, Leicestershire, guided at £30,000 which attracted a frenzy of bidding with the hammer going down at a record £166,000. The land had no planning in place and was offered for sale on behalf of the Co-op, a great result for our client.
Traditional housing remained in high demand from mainly the investor market with strong prices being achieved for those properties requiring refurbishment. A continuing theme is the feedback from buyers saying they prefer the certainty with buying at auction with exchange taking place on the fall of the hammer. This allows them to pre-order all of their building materials and labour in the knowledge that completion will take place a month later. With this level of certainty they don't mind paying strong prices in the room as it guarantees workload.
Many people are being put off by the traditional Private Treaty method used by estate agents as deals can often take months to conclude and there remains such a high risk of deals falling apart during the process and buyers can't start the process of ordering materials or labour until the deal final exchanges.
With the rapid increases in building materials and the difficulties of trying to secure trades people, auction is at least giving more certainty to calculating the cost of a project compared to Private Treaty where costs could escalate to a point over time where a project becomes marginal to take on.
This was reflected in the number of properties being sold which had previously been on the market Private Treaty and in need of improvement work but where deals had fallen through and the sellers wanted certainty that can only be achieved through the auction process.
All of the results can be seen on the website, with the sale raising an impressive £4,885,000 and bringing the total sales raised in 2021 to £24,625,000.
Entries are now being invited for our next sale which is being held on 24th February 2022.