There was strong competition for the  more popular lots on offer at Cheffins’ Eastern Counties Property Auctions on Wednesday 19 June.

A detached bungalow in Abbotsley, St Neots with a large plot of land and outline planning permission for an additional property topped the day’s trade when selling for £500,000.

The bungalow needed full renovation and the attraction of the outline planning permission for an additional dwelling in the garden to the rear of the house, made it appealing to a host of developers and owner occupiers.

A lot that drew sizable attention was a pair of agricultural barns in Fowlmere, near Royston, with consent for residential conversion. After spirited bidding in the room, the property was knocked down for £455,000, well in excess of its guide price of £250,000-£300,000. 

Barns with conversion potential continue to prove popular, but the large plot of this property helped it achieve such a stand-out result.

The trend for buyers looking for income-producing properties, as an alternative to holding cash in the bank, or investing in the unpredictable money markets, was once again in evidence.

All three commercial investment opportunities made in advance of guide price. A prime retail location in the busy market town of St Ives which brings in a rental income of £42,000 per annum sold for £420,000. A city centre shop in Ely with planning consent for a two-bedroom duplex flat above sold for £288,000, against a guide price of £225,000 - £250,000. 

Meanwhile a city centre commercial building in Baldock, let to an established tenant, sold for £212,000, a long way above its guide price of £120,000+. 

Our recent auctions have featured a number of properties in the Baldock/Hitchin area, all of which have been subject to high levels of interest.  The result further underlines the popularity of these areas for investors, due in part to the strength of the local market, but also partly due to the ever-increasing outward ripple from London.  

Ian Kitson, director of property auction and valuations, said: “The saleroom was very busy on the day and there were some excellent prices achieved.

“In particular, the barns at Fowlmere attracted a lot of interest and income-producing properties were once again in high demand.

“However, there continues to be some reticence in some areas of the market due to the continued uncertainty around Brexit.  Despite this, the auction showed that there is still strong appetite for fresh stock, that is priced correctly and will deliver good returns for buyers.”

To view the results of the whole sale, click here.