Land sales continue to thrive

Cheffins July property auction included a varied entry of parcels of land, and the brisk bidding resulted in 83% of the land selling under the hammer. The land ranged from small parcels of amenity land to larger blocks of commercial farmland, all of which attracted interest from a number of purchasers, confirming the continued demand for all types of land. A 10 acre parcel of ‘disused’ farmland with road frontage at Horningsea attracted strong interest eventually selling under the hammer for £83,000 (guide price £60,000 - £65,000), and a more commercial block of arable fenland at Isleham was sold on behalf of Cambs County Council for £4400/acre.

The auction also included a number of residential properties and whilst there was plenty of interest prior to the auction it is evident that residential buyers are still factoring in further discounts to current values. A semi-detached house in Lovell Road, Cambridge requiring modernisation attracted 34 viewings and sold for £179,000 under the hammer with bidding on other residential properties fell short of reserves. Auctioneer Simon Gooderham comments that ‘We have a number of post-auction offers for the unsold residential properties and whilst there is clearly demand, it is evident that buyers are factoring in a further 5% - 10% discount on current values.’

Entries are now being invited for Cheffins next Property Auction on Wednesday 1st October 2008 (note change of date). Please contact the Auction Department on 01223 213777 for further information.