Despite the tough market, Toby Limbrick, Network Auctions Director, believes that there is still opportunity for value.
Toby says: “There’s an absence of owner occupiers in the room, with the majority of the buyers being seasoned investors.Compared to the open market which appears to be at standstill, the auction room provides sellers with an opportunity to trade quickly and efficiently, at premium prices through competitive bidding”.
Network Auctions’ sale raised a total of £5.2 million, a figure they hope to exceed given they have “several deals pending.”
Highlights of the sale included a two-bedroom house in Hartford, Cheshire requiring refurbishment which sold for £106,000 against an upper guide of £75,000 and attracted multiple bids from the room, telephone and internet.
A 5-bedroom house in Luton requiring modernisation guided at £260,000, fuelled an in-room bidding war which saw the price hike to £295,000 and a maiden bidder snapping up the popular lot at £295,500. A two-bedroom maisonette in Streatham, London, showed there’s still life in the capital selling for £352,000 against an upper guide of £310,000.
Network Auctions next ballroom sale will be held on the 13th December at Grosvenor House Hotel, Mayfair.