02 November 2023
Auction Estates, a leading property auction house, achieved remarkable success in an auction held on Thursday, October 26th. Against the backdrop of economic uncertainty both in the UK and worldwide, the event proved to be highly transactional, resulting in a total sales figure of £5,007,250 and an impressive 85% success rate.
The auction, which featured a diverse array of properties including residential, commercial, and land, drew a global audience, with a multitude of remote bidders participating from around the world. The auction venue itself was at full capacity, attesting to the high level of interest and competitiveness among attendees.
One of the standout sales of the day was the residential complex of Sawn Moor Farm, which commanded a price of £290,000, showcasing the strong demand for quality residential properties. Additionally, a sprawling 30,000 sq ft industrial estate investment in Draycott was snapped up for an impressive £750,000, underscoring the attractiveness of investment opportunities in the current market.
One of the most exciting moments of the auction was the fierce back-and-forth bidding for the commercial property on Main Street in Lowdham, which ultimately sold for an impressive £420,000 - double the initial guide price. This sale exemplified the keen interest and competitive nature of the auction.
The plots of land on offer also received strong interest and competitive bids, highlighting a notable demand for development sites in the market.
Looking forward, Auction Estates is now accepting entries for their upcoming auction on the 14th of December. With the momentum gained from this successful event, expectations are high for another dynamic and competitive auction.
Auction Estates' Managing Director, Paul Giles, expressed his satisfaction with the results, stating, "We are thrilled with the success of this auction, particularly given the current economic backdrop. It is a testament to the resilience of the property market and the appeal of quality assets. We look forward to continuing this momentum in our December auction."
In an era of economic uncertainty, events like this stand as a testament to the enduring appeal and strong demand for property investments. The remarkable £5,007,250 in total sales and 85% success rate underscore the strength of the market and the unwavering interest of investors and buyers worldwide