SVA Property Auctions in Scotland sold 75% of the 19 lots offered at its autumn auction and raised over £500,000.
Given the environment of political uncertainty, Shaun Vigers, SVA Property Auctions’ Director and Auctioneer, was pleased that the redundant assets offered by Scottish Water, a number of land plots in rural areas and the catalogue’s listed buildings sold well under the hammer and post auction. He said, “There’s no doubt that there’s an element of caution in the market and that was reflected in the auction room. Buyers are being highly selective with decisions and sellers are postponing bringing properties to market until there is greater clarity over Brexit. It’s gratifying to see that buyers aren’t scared. Assets such as land and listed buildings, exempt from vacant rates liabilities, were snapped up, suggesting that the appetite for investment is still there.”
Most properties unsold are in the north of Scotland, where the market is particularly challenging. Whilst interest in the run up to the auction was indicative that these properties were going to struggle in the room, Vigers was surprised that a Category B Listed building in the centre of Thurso didn’t manage to break through buyer resistance, “This is a real gem of an investment in an ideal location for a residential conversion or for use as a serviced flat upstairs and decent office or retail space on the ground floor. Thurso is a recognised stopping off point on the increasingly popular North Coast 500 route from Inverness to John O’ Groats, bringing thousands of visitors and their accommodation requirements to the area each year. The fact that this lot, priced at £130,000, is still available, is perhaps the auction’s biggest surprise.”