Ian Kitson, Director, Cheffins comments: “The impact of the stamp duty holiday was seen in full force in the September auction, as developers, buy-to-let investors and private buyers competed for residential property across the region. It has been well-documented that the residential market is currently seeing frenzied activity as buyers take a long-term view on property values. Refurbishment opportunities are becoming harder to come by in the current market however there is still a strong market and active buyer base for these as not only developers but also investors and end-users look to pick up stock at auction. Land lots also saw high prices paid as lack of supply drove values upwards. The strong bidding throughout the sale, resulted in sale prices that were on average 31% higher than reserve prices, which is a fantastic show of optimism and competition in the marketplace.”
An end-terrace, three-bedroom house needing full refurbishment on Wetenhall Road in Cambridge was sold for £412,000 against an estimate of £365,000 to a local investor. Similarly, London House in Great Thurlow, Suffolk, which was previously the village Post Office saw competitive bidding, eventually selling for £250,000 to a local developer; whilst a terraced property in Hardwick, Cambridgeshire needing full renovation made £212,000. One of the more unusual lots on offer was the Courtney Memorial Hall in Aspley Guise, near Milton Keynes, which offered the potential for conversion , subject to planning and was sold for £295,000.
In Baldock, a four-storey, mixed-use property saw the highest price paid on the day at £422,000. With an income of £13,000 per annum for a takeaway unit with self-contained residential accommodation above, the building saw competitive bidding from local investors, who remain keen to acquire properties in this ever-popular hotspot.
Ian Kitson continues: “Baldock, along with Hitchin and Biggleswade, sees one of the most active investor markets in the local area. As commuter towns set to enjoy the ripple effect of investment from London, mixed-use or commercial lots in these areas are consistently popular at auction, with this example being no different.”
In the land section, the most valuable lot was 13.68 acres of Grade 2 arable land at Doddington near March which was sold for £161,000 whilst a parcel of 3.66 acres of arable land at Walpole St Andrews, Wisbech sold for £52,500.
The Cheffins September sale grossed a total of £2,464,500. Cheffins’ property auction generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
The auction will take place on Wednesday 2nd December at Cheffins, Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA and online at https://www.cheffins.co.uk/property-auctions.htm
For further information, contact Cheffins Property Auction team on 01223 213343, firstname.lastname@example.org