Brown&Co held the spring property auction at the Assembly House in Norwich today and including one lot sold prior in King’s Lynn sold 9 out of 15 lots offered, with £1,547,000 worth of property sold on the day.
The properties sold well, included a super cottage on the edge of Rackheath, near Norwich, selling for £7,000 in excess of the reserve together with a property in Bramerton in need of renovation that sold well at £310,000. A property in Newmarket Road in need of renovation equally sold in excess of the reserve and we were delighted with the sale of a property in need of renovation in Colney, on the edge of Norwich, together with other lots in Frettenham and Bacton. A bungalow close to the centre of Norwich sold for a figure in excess of £50,000 over the reserve.
We already have some lots for the summer sale and please come back to me if you have any queries. I enclose the results of the auction here for your attention, which will help when looking at the market and realistic expectation.
We look forward to the summer, and it may be that once the Government decides how to proceed with Brexit our investment buyers may be more confident about purchasing property.