Brown&Co
Brown&Co Property Auction Update
Mon 20 May 2024
The early months of 2024 saw a great deal of activity within our property auction department across our Norwich, Lincoln and Retford offices.
Our Norwich office has sold over 60 lots sold in the first three months. Last week’s auction, which was the first of two in May, confirmed a strong market with three out of four lots sold. Wellingham Cottage in Great Fransham, Dereham, sold for £150,000, demonstrating the demand for family homes in need of renovation on a good plot of land.
A detached “upside-down” property on South Avenue in Norwich sold for £346,000, which was £51,000 in excess of the guide price. Although dating back to the mid-1970s and in need of renovation throughout, our realistic approach created competition, enabling us to maximise value on the day.
The team also sold a semi-detached bungalow in a popular area of Norwich for £152,000, which was £27,000 in excess of the guide price.
The team is looking forward to a busy late spring, summer and autumn, with sales in May, June, July, September and October, offering a wide variety of properties across the city, county, and region, including land and development opportunities.
Our Lincoln office has also seen a positive start to 2024 with 19 lots sold out of the 27 offered so far which equates to £3,645,000 of property and land sold. The team is about to launch their 26th June property auction which offers another great mix of property and land, so please do take a look at the catalogue.
Online auction continues to be successful in Retford for a variety of properties, with investment opportunities proving particularly popular so far this year.
Although not selling under the hammer but sold under auction conditions immediately after, Cleveland View, East Markham was a highlight. This period residence, in need of renovation to create a stunning family residence in this highly desirable village, was sold with a range of dilapidated outbuildings; the guide price was £300,000 to £350,000.
Brown&Co continues to thrive through our online auction platform and we are looking forward to viewing more properties and offering expert advice to help unlock value.
To find out more, please click here or contact your local office directly.
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Why should I sell at auction?
There are a number of reasons why you may want to sell at auction. One of the main reasons is that of a fixed timescale. When a property reaches and exceeds its reserve price the property is sold the highest bidder.
Do you offer in-room or online auctions?
We offer flexibility by holding both online-only and livestream auctions, giving the vendor the best chance of selling in the timescale required. We can explain how these work in more detail if required.
Why is there a ‘guide price’?
The guide price is set for each property we sell at auction, based on the experience of our auctions team. As it says, this is a guide and properties may go for higher or lower than this on the day of the auctions. It is there to serve as an indicator of the likely sale price.
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