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Under The Hammer Article October 2016

Outstanding Autumn Sale for Brown & Co at the Assembly House in Norwich

Brown & Co were thrilled with the results of their autumn property sale on Thursday, with 17 out of 18 lots sold.  There was a very full room, with over 200 people and the results auger very well for the future and show that there is plenty of activity in all sectors of the market.

The auction lasted about an hour and a half and there was brisk bidding for all the lots with many outstanding results well in excess of the reserve prices.  The results are included in this property supplement but both Trevor Blythe and myself were delighted with what happened, indicating not only strength in the market but also the fact that auctions are here to stay and are a very good way of maximising value on the day.

From the outset, results were good and Lot 1 at Sea Palling sold for some £60,000 in excess of the guide price, being a ground floor flat close to the sea wall.

Other coastal properties sold well in Yarmouth and Bacton, where a one bedroom bungalow on the sea wall sold for a figure of £141,000, being £60,000 - £70,000 over the guide.

City centre properties went well with a terraced house in Unthank Road selling for an acceptable figure and a semi-detached house in Grove Walk sold for over £70,000 above the guide.

Five of the lots have not come to the market since the Second World War and the Mill House, Stalham sold for nearly £50,000 above the guide.  A cottage in Bergh Apton sold for some £40,000 above the guide indicating that realistic assessment enables us to create the competition to produce results for our clients.

The last lot, being a former water pumping station on the main road in Colney sold for some £90,000 in excess of the guide price.

We hope to sell the remaining lot shortly, but with a 95% success rate we were absolutely delighted with the results and look forward to our December sale.  We already have 15 lots for inclusion in that sale, which is encouraging.

It is always difficult to know how successful we will be with our auctions.  What matters is preparation and information and we hope that our auction catalogue and our approach assists potential purchasers and this appears to be the case.

Between the beginning of September and the beginning of October we accompanied over 300 prospective buyers around 18 lots with over two thirds of these interested parties downloading the legal information for our website.  Now that we are able to home in on the interest shown, it is clear that if we get the marketing right, the results follow.

 

We look forward to the next sale with confidence and hope that we will be able to help people with their property requirements between now and the end of this month when we close the entries for our December sale.