09:23 September 16, 2022
Auction House East Anglia held its sixth auction of the year on Wednesday September 14, selling 46 lots and raising over £9million with an 81% success rate.
There were 185 registered bidders and hundreds of people watched the four-hour auction, including a seller from Sydney, Australia, and a buyer from the Canary Islands.
Robert Hurst, auction surveyor, said: ‘With our auction taking place during the period of national mourning, it was poignant that the address for one of the lots was Queen Elizabeth Court, Kings Road, Great Yarmouth.
“We observe the bank holiday and close our offices on Monday, September 19, out of respect for the Queen and to allow our team to mark her incredible life and service on the day of the funeral.
“We are seeing more and more private owners auctioning off in search of a quick and certain sale, as a series of punitive tax changes in recent years are now compounded by rising interest rates and the threat impending costly energy efficiency upgrades, with an EPC Rating of C or better required by 2025.
“The cost of re-mortgage has risen rapidly this year, serving as a wake-up call to more debt-dependent small homeowners. Professional portfolio owners always buy because they have larger cash reserves and are therefore insulated from rising interest rates.
“The most expensive plot of the day was a three bedroom detached bungalow set in over half an acre on Summer Drive in Hoveton which sold for £520,000. The cheapest lot was a derelict barn on Church Road in Redlingfield, which sold for £54,000.
A mix of lots including residences, businesses and land have been auctioned and some of the sales include:
- A three-bedroom terraced house over the passage in need of an update on Newmarket Street in Norwich has sold for £237,000.
- A vacant terraced house to the north of the city in need of updating and redecorating on Churchill Road in Norwich has sold for £188,000.
- A three-bedroom semi-detached house in need of an update on Bluebell Road in North Walsham has sold for £167,000.
- A rented terraced property producing £550 pcm (£6,600 a year) on Cromer Road in North Walsham sold for £100,000.
- 8.2 acres off Worlds End Lane in Reepham sold for £87,000, or almost £11,000 per acre.
- 1.2 acres of amenity land near Short Lane in Happisburgh sold for £85,000.
- A three-bedroom country house with a large garden and off-road parking in need of improvements on Mill Road in Sutton has sold for £211,000.
- A partially converted barn on Ferrygate Lane off Staithe Road in Martham has sold for £340,000.
- A detached country house with seven acres of gardens, pasture and woodland on the street in Lamas has sold for £480,000.
- A detached house converted into four one-bedroom apartments and rented out, producing £27,360 a year on Huntley Grove in Peterborough, sold for £407,500.
- A detached three-bedroom bungalow to be modernized on Mountfield Avenue in Hellesdon has sold for £200,000.
- A three-storey town center commercial property spanning 2,271 square feet on Regent Street in Great Yarmouth has sold for £138,500. Another commercial property a few doors down sold for £337,000.
- A three-bedroom detached house for modernization on Ashleigh Gardens in Wymondham has sold for £212,000.
- A currently rented two-bedroom semi-detached house producing £650 pcm (£7,800 per year) on Middleton Gardens in Gorleston has sold for £168,000.
- A two-bedroom mid-terrace house in decorative good condition on Old Wellington Place in Great Yarmouth has sold for £92,000.
- A bay front hall entrance terraced property in need of updating on Apsley Road in Great Yarmouth has sold for £119,000.
- A high yield residential investment comprising six rented apartments producing £37,700 a year on Nelson Road South in Great Yarmouth sold for £315,000.
- A Victorian terraced house in need of modernization on Bevan Street West in Lowestoft has sold for £85,000.
- A two-bedroom semi-detached bungalow with garage in need of updating and improvements on St Michaels Road in Long Stratton has sold for £166,000.
- A two-bedroom mid-terrace cottage in excellent condition near Rectory Road in Dickleburgh has sold for £200,500.
- A plot of land measuring around 12.6 acres on St Johns Road in Tilney St Lawrence sold for £340,000, or nearly £27,000 per acre.
- A two-bedroom detached former railway house for renovation on The Causeway in Stow Bridge has sold for £148,000.
- A detached three-bedroom cottage in decorative good condition with off-road parking on Dereham Road in Beeston has sold for £161,000. An adjacent unfinished two-bedroom detached house in shell form in need of completion sold for £60,000.
- A third of an acre of pleasure land, including a former railway carriage off Caston Road in Griston, sold for £66,000.
- Around 2.27 acres of land off Sedgeford Road in Docking has sold for a staggering £185,000.
- 4.6 acres of lake and amenity land off Church Lane in Shipdham sold for £169,000, or almost £37,000 per acre.
- A two-bedroom third-floor apartment in need of an update in Wisbech’s Old Market has sold for £82,000.
- A three-bedroom mid-terrace house with a garage and a long rear garden on Beccles Road in Bradwell has sold for £118,000.
The East Anglia auction house is now accepting entries for its penultimate auction of the year on Wednesday October 26, with an entry closing date towards the end of September.
If you have land or property to sell, call the auction experts on 01603 505100 or contact the team via their website at auctionhouse.co.uk/eastanglia.
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