4:44 PM February 10, 2022
17:29 February 10, 2022
The East Anglia auction house held its first auction of the year on Wednesday February 9, selling 42 lots out of 47, yielding an 89% win rate and raising over £7million.
“We are delighted with the results of our first auction of the year,” said Robert Hurst, Chartered Surveyor and Auction Manager. “There were over 250 registered bidders and over 1,396 people watched the four-hour auction with impressive prices achieved.
“One of the highlights was the sale of 27 Beach Road in Scratby. At the instruction of the executors, the individual property had belonged to the same owner for over 100 years. In need of complete modernization and improvement, the large 1.44 acre lot offers development potential. Guided £375,000, a number of internet and telephone bidders pushed the final hammer price to £534,000.
“The speed at which we can progress sales to completion has proven attractive to both buyers and sellers, particularly as private treaty completion times remain higher than ever. Reliable products have always been high on the priority list of buyers and sellers, and auctions are the ideal solution in the face of high failure rates.
“Data from the last three months of the year shows that the return to normal market conditions caused 34% of property sales in England to fail before completion in the last quarter of last year.
“Looking ahead to this year, we expect the number of properties under the hammer to increase, particularly with the increase in distressed stocks hitting the market, as lenders will continue to divest assets after a forced interval. , now that the courts have reopened. .
“Even as restrictions lift in the coming months, we believe people have now experienced the ease and convenience of buying property through a live sale or online auction at past two years, they will want to continue to do so from the comfort of their home. or workplace. »
Auction House East Anglia sold a mix of lots including residential, commercial and land. Some of the sales included:
- A detached chalet bungalow that was once two properties on Dennis Road in Hellesdon sold to a bidder for £385,000, well above its guide price.
- A detached two-bedroom chalet-style property in need of modernization on Yarmouth Road in Norwich sold to a bidder over the phone for £270,000.
- A three-bedroom terraced house in need of updating and redecorating on Muriel Road in Norwich has sold for £240,000. After languishing in the over-the-counter market for some time, the seller was thrilled to finally get a contract swap.
- A currently rented Victorian terraced property producing £695 pcm (£8,340 per year) on Denmark Road in Norwich has sold for £178,000.
- An end terrace cottage in need of complete renovation on Press Lane in Norwich has sold for £162,000.
- A Victorian end terraced house in need of improvements on Stuart Road in Norwich has sold for £199,500.
- A detached two-bedroom bungalow rented at £650 pcm (£7,800 a year) off Dereham Road in Norwich has sold for £198,000.
- A two-bedroom mid-terrace house off Bull Close Road in Norwich in need of repairs and improvements has sold for £155,500.
- A character cottage with sea views on New Street in Cromer has sold for £288,000.
- A vacant restaurant with accommodation above Marine Parade in Great Yarmouth has sold for £193,000.
- A two-bedroom terraced house in need of an update on St Peters Street in Lowestoft has sold for £96,000.
- A two-bedroom ground floor flat for renovation in Briar Court near Guardian Road in Norwich has sold for £129,000.
- A two-bedroom first floor freehold maisonette on Harewood Drive in King’s Lynn has sold for £67,000.
- A one-bedroom ground floor flat on Tennyson Avenue in King’s Lynn has sold for £58,500.
- A one-bedroom ground floor maisonette in Anchor View, North End in Wisbech has sold for £39,500.
- A fully occupied four-bedroom semi-detached house producing an income of £18,050 a year on Princes Street in Wisbech has sold for £130,000.
- A plot of hobby land spanning around 0.12 acres off Mill Road in Thompson sold for £30,000.
- A Victorian end terraced house in need of complete renovation off Bramford Lane in Ipswich has sold for £128,000.
- A three-bedroom Edwardian semi-detached house in need of construction near Green Lane in Peterborough has sold for £181,000.
- A three-bedroom semi-detached house, let to produce £700 pcm (£8,400 a year) off Queens Street in March, sold for £120,000.
- A one-bedroom terraced inn, producing £450 pcm (£5,400 a year) off Wharf Street in Sutton Bridge, sold for £53,000.
- A rectangular shaped plot of land measuring around 1.4 acres (stms) off Willow Green in Barroway Drove has sold for £42,000.
- A unique building plot with full planning permission for a four-bedroom detached dwelling near Vicarage Road in Wingfield has sold for £130,000.
- 1.54 acres of land with development potential next to a municipal car park near High Street in Stalham sold for £276,000.
- An extended four-bedroom semi-detached house off Beaumont Vale in Haverhill has sold for £270,000.
- A former Methodist church spanning over 2,800 square feet off Main Road, Dovercourt, Harwich has sold for £180,000.
- A terraced house in need of improvements on St Peters Road in Great Yarmouth has sold for £76,000. An adjoining mid-terrace house produces £450 pcm (£5,400 per year) sold for £86,000.
- A four-bedroom terraced house in good decorative condition near Nelson Road Central in Great Yarmouth has sold for £120,000.
- A terraced house for modernization on Osborne Street in Lowestoft has sold for £98,000.
- A rental shop producing £8,000 a year off London Road North in Lowestoft sold for £86,250.
- A detached two-bedroom cottage for modernization on Spencer Drive in Lowestoft has sold for £219,000.
Auction House East Anglia is now accepting entries for its next auction on Wednesday March 23, with an entry closing date towards the end of February.
If you have land or property to sell you can call the auction team on 01603 505100 for free impartial advice, or contact them via the website at auctionhouse.co.uk/eastanglia.