The first property auction of 2019 saw an 82 per cent sale rate and strong prices achieved on Wednesday 13th March.
Barns with development potential saw some of the most active interest on the day, including a 17th century Grade II listed barn set in four acres in Great Yeldham, near Toppesfield, Essex, which sold for £160,000. Similarly, a detached agricultural barn offered in Fenstanton, near Cambridge, with planning permission for conversion into two large residential dwellings made £294,000.
Income-generating properties also were popular. The highest price achieved on the day was £435,000 for a development site on Argyle Street, central Cambridge which includes two storage spaces and a workshop close to Mill Road. Similarly, a two-storey mixed-use building on Queen Street, Haverhill, which included a ground floor retail unit with a self-contained flat above and had an annual income of £12,350 sold for £160,000 whilst a two-storey commercial property in Chatteris with a rental income of £17,500 per annum was sold for £195,000.
The more unusual lots also sold well on the day. For example, 4.75 acres of mature woodland, suitable for amenity use near Wethersfield, Essex, was sold for £63,000, well over its guide price of £45,000. Similarly, a former Methodist Chapel in Thurston, near Bury St Edmunds, dating back from 1872 sold for £56,000, well in excess of £30,000 - £40,000 guide price.
Ian Kitson, said: “The March sale has demonstrated that there is still good demand for sensibly priced property throughout the region, despite the current political landscape. Taking place on the same date as the Commons’ vote on whether the UK was leaving the EU without a deal, the sale saw healthy prices achieved during these uncertain times. This goes to show the growing popularity of the auction room as a go-to situation to purchase property and the confidence in the regional market.”
The next property auction will take place on Wednesday 19th June from 2pm.