First for Auctions finished the year raising over £30.2m

First for Auctions finished the year raising over £30.2m in residential sales

Our final online auction of 2022 raised £4m from the sale of 16 lots, resulting in a success rate of 89%, the highest in 2022. The star lot was a 3-bedroom period house requiring renovation in Datchet, which sold for nearly £100,000 more than its Guide Price after some fierce bidding.

Daniel Gale, Head of Auctions at First for Auctions, said: “Q4 has been challenging for the residential property market undergoing a price correction in response to an increase in interest rates, the cost-of-living crisis, the rising cost of construction materials, and political instability.

Nevertheless, our December auction result demonstrated our market has anything but slowed with strong demand for appropriately priced opportunities across the country.

We anticipate in 2023 that high yielding investments will be extremely popular as investors seek higher returns to reflect the increase in borrowing costs, in addition to buyers looking for value-add opportunities.”

Auction highlights include:
• Lot 1 - 2 Holmlea Road, Datchet: A detached 3-bedroom period house requiring renovation, which sold for £514,000 (originally guided at £420,000)
• Lot 6 - 93 Cochrane Terrace, Sutton-in-Ashfield: A 3-bedroom terraced house requiring refurbishment, which sold for £75,500 (originally guided at £40,000)
• Lot 9 - 11 Pegwell Close, Crawley, West Sussex: A vacant two-bedroom first floor flat with an estimated monthly rent of £1100 PCM and a gross yield of approximately 10% PAX, which sold for £156,000 (originally guided at £130,000)
• Lot 25 - 3 Eden Villas Mill Hill, Kent: A 4 bedroom extended three storey period house on a large plot, which sold prior for £530,000 (originally guided at £475,000)

First for Auctions next auction will take place online on Friday 27th January 2023.