First for Auctions 77% sold success in March auction
First for Auctions 77% sold success in March auction
Our March auction raised over £5.5m from the sale of 23 lots with a mixture of vacant houses, flats and occupied investments. All the properties that sold at the auction received good levels of interest resulting in sales prices, on average, 20% higher than their advertised guide price. The best performing lot sold for £160,000 more than its guide price (£365,000), receiving 126 bids and a sale price of £525,000. Interestingly, this property was under offer for 6 months with a local estate agent for £500,000 before the seller decided to adopt a different strategy, resulting in a better price in 4 weeks.
Daniel Gale, Head of Auctions said: “In a market laboured with interest rate rises and protracted economic uncertainty, further distressed by rumours of an imminent banking crisis, our recent auction showed promising signs of stability receiving interest from nearly 700 potential buyers.
In addition, our online auction format, very similar to “eBay” for property, has been an invaluable tool in this market, permitting sellers access to the widest possible audience, unrestricted by the location of a traditional sale room.
Due to household budgets remaining under pressure from high inflation, the trend since the start of the year has been for vacant residential property, still regularly out performing occupied investments as buyers look for more flexible, competitively priced opportunities.
Our next auction is on Friday 28th April, again providing some great properties for buyers.”
Auction highlights include:
• Lot 1 - 89 Hampermill Lane, Watford a detached house requiring refurbishment sold for £653,000 (originally guided at £500,000).
• Lot 2 - 134 Cowley Road, Uxbridge previously under offer for 6 months at £500,000 with an estate agent, sold for £525,000 (originally guided at £365,000) in 4 weeks.
• Lot 10 - 93 Warstock Road, Birmingham a semi-detached house requiring modernisation sold for £229,000 (originally guided at £190,000).
First for Auctions next auction will take place online on Friday 28th April 2023
Looking for advice?
Contact Us
Have a question for our auction experts? One of our auctioneers will get back to you ASAP.You may also like
Since we started in 1987 we have grown to one of the UK’s largest property groups, we can save you time and money by offering a range of services and expertise under one roof.
