Despite many challenges in the property market, First for Auctions is seeing positive signs as more and more buyers look for opportunities with the speed and certainty of completion that the auction process brings. With just under £20 million property sold in its first four auctions of the year and an average guide price uplift of 20%, First For Auctions’ success demonstrates that auctions are a popular means of buying and selling property at times of economic uncertainty.
The April auction had an 85% success rate and raised over £6.0m from the sale of 28 lots with a mixture of vacant houses, flats, unconsented land and occupied investments. All the properties that sold at the auction received good levels of interest resulting in some exceptional sales prices. A parcel of land received 147 bids and sold for £331,000 more than its guide price of £180,000.
Auction highlights include:
• Lot 17 - Land to the Rear of 263 Barkham Road, Wokingham, a parcel of land measuring a total area of approximately 3.5 acres, (1.416 hectares) sold for £511,000 (originally guided at £180,000).
• Lot 1 - 18 Wilwood Road, Bracknell, a vacant end terrace house requiring refurbishment, sold for £285,000 (originally guided at £200,000) in 4 weeks.
• Lot 7 - 11 Glenalmond Avenue, Cambridge a modern 2 bedroom 2 bathroom apartment sold for £392,000 (originally guided at £290,000).
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