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Despite fears over Brexit, September auction raises over £2M

Despite fears over Brexit, September auction raises over £2M

01 October 2018

Against a backdrop of poor market conditions and doubts over a possible referendum on Brexit, Auction Estates sold over £2,000,000 of stock.

The sales included properties across the UK in town such as Washington, Tamworth, Hereford, West Midlands and Greater Nottinghamshire.

Highlights if the sale included a derelict house in Lincolnshire Guided at £100,000 which attracted a high level of interest and selling under the hammer for £132,000.

Acting on behalf of LPA Receivers the auction team sold a substantial care home guided at £400,000 which was the largest sale of the day.

There were plenty of affordable properties being snapped up in the room including two 1 bedroom apartments in Washington which sold for £11,000 & £14,000 respectively. These were acquired by a national investor who was attracted by the potential rental income and high return.

Small commercial investments also traded well such as a Barbers shop in Nottinghamshire let at £3,960 per annum which sold I the room for £38,000 (Guide £25,000).

Paul Giles, Head Auctioneer commented “Whilst numbers in the room much lower than previous auctions there were a high number of telephone and proxy bidders which bolstered the total amount raised to a very credible £2,070,000.”