Brown&Co held a successful summer property auction at the Assembly House in Norwich recently and, including one lot sold prior and one lot sold immediately after the sale, were able to sell 10 out of 15 lots on the day, representing a near 70% success rate. Further remaining lots have since been sold.
In total, nearly £2.5M of property was sold on the day.
The auction room was full and there was lively bidding, particularly for some of the lots in Norwich and some outstanding success stories as well. Peter Hornor remarked that it goes to show that if you have something that is different advertised at a realistic level it will find its value on the day and this was certainly what happened. Auction manager, Trevor Blythe, was delighted with the sale of a property in Belaugh in Norfolk Broadland: this sold for £100,000 over the reserve, with brisk bidding showing that where there is a country property in need of total renovation in a good location there is still high demand. Equally, he was pleased with the sale of flats in Sheringham and a farmhouse in Swaffham.
The market is still clearly buoyant in the area around Norwich and a property in Christchurch Road, one of the prime residential areas, sold for in excess of £70,000 over the reserve. The property requires complete renovation but nonetheless the Executors were delighted with the sale.
A house in Brundall in East Norfolk in the heart of Broadland equally sold well in excess of the reserve and the piece de resistance at the end was the sale of part of an island in Thorpe St Andrew, selling for nearly £70 in excess of the reserve with over ten people bidding on the day.
The auction team is busy here in our Norwich office looking at property and preparing for the next sale at the end of September. We work closely with our Holt and King’s Lynn offices and will continue to do our best with auctions and already have a number of lots for inclusion in the autumn sale.
Please contact us if you have any queries, or if you think you have a property which might be suitable for inclusion.
The online service is now up and running and Martin Cunningham is having great success and together we are all putting the auction process forward as a very good method of sale. I am always available to deal with any queries and to answer any questions that you have and please contact either myself or Trevor Blythe.