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Network Auctions fights property market blues

Auctioneer is latest to report roaring trade as vendors and agents turn to the gavel to offload hard-to-shift properties.

The Negotiator

property market

Network Auctions sale on 12th July at Grosvenor House Hotel, London, delivered a market-beating performance allaying fears of a property market downturn. The sale delivered £8 million.

A modern church with a car park located in Surrey, guided at £750,000 attracted early interest with a frenetic bidding war and eventual hammer price of £2,005,000. The vendors, a charitable trust, were advised to sell in the room despite receiving a pre-auction bid of £1,050,000, £300,000 over the guide price.

A Freehold tenanted building in Bridgwater, Somerset producing an annual income of £11,500 and guided at £40-50,000, attracted buyers to use every method of bidding available with proxy, phone, online and in-room buyers vying for the lot and a final sale price of £132,000.

A long leasehold pretty cottage in Northwich, Cheshire also exceeded expectations by selling for £132,000 against a guide of £70-75,000. The probate sale which required full modernisation received 120 viewings and the legal pack was downloaded 103 times.

Toby Limbrick, Director, said, “We’re delighted with these strong results despite the challenging market conditions. We’re very happy that vendors took our advice on pre-auction bids and we have delivered results exceeding expectations.”

Read more about the property market.

August 8, 2018

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