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News Item - Record results and a capacity auction room sees £5,122,250 raised & 94% success rate - Auction Estates

  • Record results and a capacity auction room sees £5,122,250 raised & 94% success rate news item

    Record results and a capacity auction room sees £5,122,250 raised & 94% success rate

    With the room bursting to the seams, the first dozen lots of the 37 lot catalogue were knocked down in a frenzy of bidding and selling well over their respective reserves. After a couple of unsold lots momentum quickly resumed and all the remaining lots were sold, either to people attending in person or to those who had set themselves up to bid remotely.

    Head auctioneer Paul Giles commented ‘the majority of lots attracted multiple bidders either in the room, on telephones or via the internet creating that all important competition and pushing sale prices beyond what we would normally expect to see this time of year.

    Highlights of the day included the sale of a broadly half acre plot of land with planning permission for 8 dwellings, guided at £175,000+ and which eventually sold after a flurry of bidding for £469,000.

    Perhaps the most well attended lot was for the final lot of the day, a freehold block of 4 flats offered for sale on behalf of LPA Receivers which was guided at £80,000+ and which after an explosive burst of quick fire bidding for a record £430,000.

    Matt Revill, senior auctioneer commented “this lot attracted huge numbers of potential buyers to the weekly block viewings so we knew that bidding was going to be extremely fierce as local and National investors fought to secure the lot”

    Overall, the auction raised £5,122,250 with a 94% success rate, significantly higher than we would normally expect to see at the start of the year.

    We already have a good book of entries for our next sale on 28th April where entries across the UK are now being invited.

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