The Cheffins Property Auction hosted on the 9th June 2021 saw rural properties far exceed their estimates as the stamp duty deadline and the race for space saw buyers flock to the sale in search of countryside homes.
The headline lot of the day was Parsonage Farm in Chrishall, Hertfordshire, a Grade II listed farmhouse which is fully moated and sits in grounds of 0.9 acres. The property saw over 50 viewings ahead of sale day and seven bidders in competition, eventually selling for £895,000, well over its pre-sale estimate of £600,000. In need of full modernisation and structural works, the property was sold to a private individual.
Meanwhile, set in the heart of The Kings Forest, near Bury St Edmunds in Suffolk, a former forest workers cottage was sold for £363,000, against a pre-sale estimate of £275,000. The cottage, which is in need of renovation, has three bedrooms, a sitting room, dining room, kitchen, pantry and a bathroom. It is set in 0.63 acres of gardens including a paddock and stable, as well as a small brick outbuilding. This was sold to a private individual who was looking for a rural property in the local area.
Ian Kitson, Director, Cheffins, says: “The prices paid for these two properties are indicative of the confidence in the current market. As buyers scramble to beat the stamp duty deadline at the end of the month, we saw enormous levels of interest for the June sale, with the number of registered bidders increasing by around 30 per cent and over 700 expressions of interest in the 12 lots on offer. This activity is in part due to buyers looking to complete by the end of June, and how the auction room is one of the only remaining methods of purchase which would allow buyers to beat the stamp duty deadline. This, coupled with the continued race for space and demand for rural properties following multiple lockdowns during the coronavirus pandemic, created a perfect storm of demand for countryside properties. The results of the sale also go to show how the auction room is no longer just the domain of investors or career landlords, rather it is now everyday people, looking to buy a family home.”
Other lots which saw high levels of interest include 3.47 acres of land in the village of Orwell in Hertfordshire. With significant road frontage onto the A603, the plot was sold for £258,000, over five times its pre-sale estimate of £50,000. It eventually sold to a local end-user, having seen 23 parties bidding. Also, indicative of the popularity of commercial land and property, two industrial units in St Ives, both offering 2964 sqft of sought-after industrial space sold for £305,000 and £250,000, well over their pre-sale estimates.
Agricultural buildings which have historically always sold well at auction also saw a good deal of interest, with a yard and buildings just outside of the historic town of Clare in Suffolk selling for £120,000, to a local builder.
Ian Kitson continues: “We saw spirited bidding across all sections of the catalogue at the June sale, which is a fantastic barometer of the confidence that currently exists in the market. The fact that land, residential, commercial and speculative lots all fared so well, with interest from a wide range of buyer types is particularly encouraging. There is still substantial demand for income-producing and investment opportunities and the auction room consistently proves itself to be one of the most profitable avenues for the sale of any type of property.”
The sale grossed a total of over £3.1m across 12 lots, with a sale rate of 93 per cent.
Cheffins’ property auction generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
The next property auction will take place on 15th September 2021 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