Busy auction room drives up prices for Graham Penny Auctions

Graham Penny Auctions held its busiest auction of the year this week with more than 400 people filling the auction room at the East Midlands Conference Centre.

Related topics:  Auctions
Warren Lewis
19th May 2014
Auction
The busy auction room made for some excited bidding with clients securing a total of £3.4m in sales and the sold lots achieving on average 21 per cent over guide price – seven lots even sold for more than 30 per cent over their guide prices.

Graham Penny, commented: “It was fantastic to see such a busy auction room this week. The buzz in the room was clearly infectious and some of the prices achieved were phenomenal, particularly the first five lots which all went for more than 24 per cent over their guide prices.

We pride ourselves on our accurate guide pricing and local property knowledge and so it’s very satisfying to get great results such as these. We even had one lot on Peveril Street in Nottingham which sold for £45,500 more than a similar property on the same street at another local property auction this week.”

Amongst the lots selling well in the auction room were:

•    46 Peveril Street in Nottingham – a six double bedroomed investment property, currently let to students and generating a rental income of £26,522pa until August 2014.The guide price was £140,000+ and it sold for £165,500.

•    1 Peel Street in Langley Mill – a three bedroomed end-terraced property benefitting from gas central heating and uPVC double glazing. The guide price was £45,000+ and it sold for £62,500.

•    29 Lonsdale Road in Radford – a traditional two bedroomed terraced property in need of modernisation and improvement, benefitting from gas central heating and uPVC double glazing. The guide price was £37,000+ and it sold for £54,000.

•    165 Longford Crescent in Nottingham – a two bedroomed semi-detached property in need of modernisation and improvement with gas central heating and uPVC double glazing. The guide price was £40,000+ and it sold for £62,500.

•    Land adjacent to 55 Upper Dunstead Road in Langley Mill – an interesting L-shaped piece of land with the potential for a small residential building plot, subject to consent or alternative use such as parking space, storage land, access road. The guide price was £5,000+ and it sold for £7,500.

Graham Penny Auctions is now inviting entries for its next auction on Thursday 3rd July at Nottingham Racecourse. So far this year, Graham Penny Auctions Nottingham has sold £7.3m of lots and achieved an average 70 per cent success rate.

Graham added: “We are offering free valuations for anyone interested in selling a property in our next property auction. The prices achieved this week and so far this year demonstrate how effective selling by auction can be and with a secure 21 day completion period the money can be with you less than a month after the auction.”

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.