The prices paid for residential property at the Cheffins Property Auction on 11th June, have illustrated the confidence in the market in the East Anglia region.
The sale was led by a 1950s house in Fen Ditton, Cambridgeshire, which was offered to the market for the first time since it was built over 75 years ago. The bidding saw 4 determined parties try to secure it, and eventually sold for £685,000, almost forty per cent over its presale estimate of £500,000. The house is in need of refurbishment and was purchased by a family looking to reside in the popular village.
Summerfield House, Fen Ditton
Similarly, in Burwell, a detached house in a plot of 0.51 acres saw huge levels of interest from owner occupiers and developers alike, all charmed by the size of the gardens and good village location. After frenzied bidding from multiple parties it achieved £440,000, over double its lower pre-sale estimate of £200,000. The Victorian house came with a series of outbuildings and needed full renovation.
Meanwhile in Ashwell, Hertfordshire, a detached bungalow sold for £435,000 and a property on Abbots Close in the centre of Cambridge achieved £402,000; both properties required updating and upgrading, and both sold above their pre-sale estimates.
Ian Kitson, Director at Cheffins says: “The residential lots in the June property auction absolutely flew off the shelves as we experienced a very tangible return to confidence in that part of the market. This was one of the most successful sales in terms of residential property for the past couple of years, as a combination of both developers and private buyers competed for the refurbishment projects on offer. As building costs have started to level and there is a growing confidence in medium-term residential property values throughout the region, we saw fierce competition as people seek out these renovation opportunities which are the mainstay of the auction room. I expect this trend to continue throughout the year, with a real focus on residential projects which are so keenly sought after at the moment, particularly as those who are savvy with their investments look to avoid the fluctuations in the wider financial markets and the lessening interest rates being offered by the Bank.”
The next Cheffins property auction will take place on Wednesday 24th September, from 2pm, online at www.cheffins.co.uk
For further information, contact Cheffins Property Auction team on 01223 213343, property.auctions@cheffins.co.uk