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Auction raises over £1m worth of sales

The recent press would have many people believing that the wheels are grinding to a halt in the UK property market. Despite the EU referendum, uncertainty in the economy and reports of the London housing market cooling, auctioneers Andrew Grant had strong activity at their recent land and property auction held at the Crown & Sandys, Ombersley on Thursday 27th October. 


There was particular interest shown in Elm Cottage, a detached property needing renovation, located on Station Road in Fernhill Heath, Worcester. The property offered an exceptional development opportunity in a popular village close to Worcester. With many viewers torn between refurbishing the property or knocking down the property and building a new property from the ground up, the property had just under 80 viewers over the four week marketing period with four buyers attending the auction keen to secure this unique Lot. The guide was set at £130,000 and the hammer fell at £185,000 selling to a property developer keen to make their mark in Fernhill Heath. 


Matt Burrows BA (Hons) MNAEA MARLA Other Lots included a former public house with full planning permission for residential development which sold prior to the auction, two fields ideally suited for housing horses, one with a stable block and a 17.5 acre wood in Powick, Lords Wood. The bluebell woodland offered a buyer with an enviable parcel of England, having delightful views towards the Malvern Hills and surrounded by open countryside.  The guide price was set at £70,000 and after numerous bidders, the hammer fell at £136,000, 194% of the guide price to a local resident. 

Auctioneer Matt Burrows stated that when a property secures strong interest buyers much prefer to buy at auction as opposed to making bids in sealed envelopes. The transparency of the proceedings and finale on the fall of the gavel securing the purchase offers certainty. This was particularly evident on Elm Cottage and Lords Wood that sold well in excess of their guide prices. The night was a huge success with 87.5% of the Lots selling achieving an average of 125% of their guide price raising over £1m in sales. 


The auction was the last of the 2016 calendar for Andrew Grant Auctions who are holding their next Land and Property Auction in the early spring of 2017. Preliminary Lots include a former public house with full planning permission for residential development.  If you have a residential or commercial property, land or potential development site then contact Andrew Grant Auctions on either 01789 613059 or auctions@andrew-grant.co.uk.

 

 

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