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Northern auction boom

The Negotiator
Link to Auction News

Upperthorpe, Sheffield

 

A post-lockdown boom saw a Sheffield auction attract more than £3m in sales as demand outstripped supply. For the third time in a row all lots (24) were sold at the monthly online auction (15th July) held by auctioneers Mark Jenkinson and Son.

Sales realised £3.25m with unmodernised houses selling well. A house at Upperthorpe, Sheffield – a classic auction lot – sold for £279,000, more than £100,000 above the guide price.

Adrian Little, Head of the Auction Department, “Unmodernised houses sold very well. We acted in conjunction with a number of the region’s estate agents who see the benefit of selling ‘property with potential’ by auction where there is a need to target builders, investors and cash buyers.

“Today’s sale provided firm evidence that the ‘auction option’ should be seen very much as a first option rather than a last restart for Executors and Trustees selling houses needing varying degrees of modernisation,” added Adrian. The next auction is on Tuesday, September 1.

Over in Manchester, Pugh’s July auction saw asking prices hit a record high. The auction reflected the buoyant market, generating sales of £4.6m for properties and land across the UK. The sale attracted a record number of bids and bidders over the two days of the auction and an 80 per cent sales success rate. The first property to go under the hammer in the sale, a two-bedroom house in Willaston, near Chester, sold for more than double its guide price of £65,000, at £141,000.

Link to Auction NewsPaul Thompson, Managing Director of Pugh said, “Rightmove are confirming what we have been seeing on the ground as auctioneers, with last week’s online auction achieving outstanding results for our clients and joint agents and the Government’s Stamp Duty holiday coming as welcome news for the property market. We have sold more than 120 lots and reported sales of over £11m at our online auctions since lockdown, proving investors are quickly returning to their pre-lockdown acquisition activity.” Pugh’s next auction is 8th September.

Link to Auction News

Willaston, near Chester

 

www.markjenkinson.co.uk
www.pugh-auctions.com

August 10, 2020

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