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Auctions create momentum!

The Negotiator

Network Auctions' auction lot image

Network Auctions reports that in 2018 they raised £37m and achieved a 78 per cent success rate. Network-E raised £5.3m up a remarkable 212 per cent on 2017 when sales totalled £1.7m, evidencing the trend to online. This success was reinforced by the 92 per cent success rate, with an average of eight bids per lot and a 7 per cent uplift against guide price. Results held up well amid political uncertainty and market turmoil that suppressed demand from buyers on the open market.

Highlights included: Friary House was a wonderful success story for charitable trustees where repeated sales had fallen through on the open market. Guided at £200k, the property sold for £282k. “We were hoping to achieve £250,000 for the property, but the auction seems to create its own momentum,” said Steven Wheeler, Property Trustee.

Mill House, an unusual opportunity, comprising a house and commercial buildings, with the stipulation that one day per year access to the site had to be provided to a National Trust windmill located at the rear. Sold for £1.25m.

The Great Western, a vacant pub adjacent to Basingstoke Station car park with potential for development. Guided at £550k and with plenty of pre-auction interest and offers prior, NA advised the client to stick to the room where it sold for £631k.

February 25, 2019

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