Auctions

Auction sector 'still has potential' despite Brexit jitters

Warren Lewis
|
14th October 2019
auction

Simply put, investors are still investing. Despite property market jitters caused by the current political and financial uncertainty in the UK at the moment, Network Auctions’ penultimate auction of the year showed it's business as usual.

The 10th October ballroom sale, held at The Westbury Hotel, Mayfair raised a total of £3,642,000 and a sales rate of 69%.

Toby Limbrick, Director, said: "This was the busiest we’ve been pre-auction since 2016 in terms of viewings, legal pack downloads and registrations to bid. Buyer sentiment is strong for properties with potential to add value. The market is currently dominated by investors who sense this is a buying opportunity and are keen to maximise income possibilities. Ground rents are still a popular choice."

Highlights of the sale included a two-bedroom house in Bedford requiring modernisation which sold for £164,500, 32% higher than the guide of £125,000. A freehold mixed use building in Surrey, arranged as ground floor retail and a self-contained one bedroom first floor flat, currently let and producing £17,000 per annum, sold for £269,000 against the £210,000 guide price.

Toby added: "Owner occupiers have been more spooked by the uncertainty of Brexit, but investors are taking a longer term view."

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