One acre of obscure freehold land in Catford, London, sold for a whopping £230,000 against a £5,000 guide price in Network Auctions’ May sale.
The stellar result was achieved for the freehold space comprising the highway, paths, verges and parcels of land in Chilthorne Close, Ravensbourne Park Crescent and Ravensbourne Park after attracting 116 bids.
It wasn’t the only lot to encourage bidding wars, with a funeral parlour in Devon receiving 145 bids and finally selling for £100,000 more than the £225,000 guide price.
Toby Limbrick, auctioneer, said: “Our latest results continue to show how mega the property market is right now. There is huge appetite for buying property and online is proving extremely popular with bidders.”
A mid-terraced property in Aylesbury, with the potential for two flats, also attracted 103 bids and saw the guide price of £130,000 hit a hammer price of £212,000.
In total, £5.16 million was raised during the May 27 online event.