Property auctions remain strong

There was no loss in confidence in the UK housing market at Network Auctions’ first property auction since the historic vote to leave the EU

With fierce competition among property investors to acquire a wide array of properties helping to ensure that auctioneer Guy Charrison’s gavel fell on a total of 24 lots – 80% sales success – with close to £4.2m being raised.

With lots from across 18 counties there was a wide spread of property and bidding was active and keen on nearly all lots offered.

Toby Limbrick, managing director of Network Auctions, said: “We were a little uncertain as to how this auction might fare given the Brexit vote but buyer confidence remained strong with a feeling that the medium and long term future for property in the UK is strong even if there may be some short term volatility.

“Our next sale is in Birmingham on 15th July in conjunction with Pennycuick Collins and we look forward to another robust performance.”

Among the highlights were a house in Good Easter, Chelmsford, which sold for £280,000, a one bedroom in Luton that sold for £55,000, and a double fronted detached house and a separate 2,600 sq ft commercial unit occupying a site of 0.22 acres in Horley, Surrey, which went was acquired for £550,000.

Perry Power of Network Auctions partner firm Power Bespoke said: “The Horley property had struggled in the private treaty market and we took the property to auction and were delighted with both the price achieved and the speed and certainty of sale created.

“This was the third property we have sold via our partnership with Network Auctions this year and both our clients and ourselves have been delighted to be able to offer such a professional service with a proven track record of success.”

Written by: Houseladder