The headline lot of the day was a detached house in Soham, needing full renovation, which sold for £197,000, well in excess of its guide price of £130,000. The property saw multiple bidders both online and on the telephone, make a total of 78 bids, eventually selling to a local family partnership. Another lot which was popular with investment buyers was two flats available in Ramsey, near Huntingdon, which sold for £185,000, to a local property investor who was keen to acquire the buy-to-let income opportunity.
Arable land also proved to be in demand with eight acres in Stretham, near Ely selling for £91,000, over and above its estimate of £60,000. Similarly, in Necton, near Swaffham in Norfolk, 15.93 acres were sold for £157,000, well over the upper guide price of £130,000, to a local farmer who fought off competition from online and telephone bidders.
Ian Kitson, Director, Cheffins says: “We saw a buoyant market across all sectors of the property auction, with strong prices paid for both land and investment lots. Having now adapted the sale to offer online bidding, the Cheffins property auction saw prices as good, if not better, than in previous ballroom auctions, demonstrating a keen appetite for investment and land lots throughout East Anglia. The 89 per cent success rate is indicative of the continual demand for property within the region, while the ability to offer buyers multiple platforms on which to bid will help to ensure the success of the forthcoming September sale, as it opens up the auction to buyers from all across the country and further afield.”
Cheffins’ property auction generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
Cheffins is now consigning properties for the next auction which will take place on Wednesday 16th September.