Cheffins’ third property auction of 2018, in September, went well, with residential development and refurbishment lots sell for well over guide prices as the local market continues to seek out bargain opportunities.
One of the lots that drew the most interest was a two-bedroom terraced house on the High Street, Grantchester. The Grade II listed property was in need of renovation and eventually sold for £356,000, well over the guide price of £295,000. This cottage presented a good opportunity for purchasers to acquire a house in this famous location, at a bargain price in comparison to the village’s average home values which currently sit at over £1m. Similarly a two-bedroom house in need of complete renovation in Wilburton saw frenetic bidding and sold for £254,000, over £100,000 above its upper guide price.
The property came with a range of former piggeries and outbuildings and grounds of over two acres. Similarly, a Grade II listed four-bedroom thatched cottage in Radwinter, near Saffron Walden was popular with buyers and was sold for £326,000, well over its estimate of £250,000. This property needed complete refurbishment and came with 0.26 acres of gardens.
Ian Kitson, Director, Cheffins, said, “The September sale showed that high quality residential properties in need of refurbishment continue to be popular with developers and owner-occupiers. Property values remain as robust as any, which has led to an increase in the numbers of private buyers looking to purchase at auction. The variety of buyer types is perfectly illustrated by the two unconverted barns.”
The sale grossed a total of £2,293,000.