23 June 2021
Fellow Property Experts were predicting a long overdue price correction in the market as a result of the overly heated prices being achieved over the last 6 months, but in my view it was evident that the general slowdown was more as a result of the short term factors affecting people's decision to attend the usually busy block viewings. Numbers for the block viewings were down across the board and an unusual chain of events over the four week build up to the auction where we saw glorious sunshine during half term and people clambering for a quick getaway to the UK holiday hotspots. News then came of a delay to the easing of lockdown followed by two weeks of heavy rain, again deterring even the hardened of regular viewers from turning out.
Despite these events, the auction attracted the usual numbers of remote bidders and a number of lots saw record prices being achieved. Two notable examples were 46 Marlborough Road in Beeston, a three bedroom semi-detached house in need of full refurbishment selling for a record £272,000 off a Guide Price of £150,000+
The penultimate Lot of the sale, 14A Northgate in Newark also saw strong bidding from a number of prospective buyers, eventually selling for £291,000 off a Guide Price of £225,000+.
In all, this was another good sale and the results demonstrate that despite the turmoils affecting the wider market, auctions are still out performing the Private Treaty method of sale where abortive transactions remain high and extremely lengthy chains which are highly sensitive to external factors.