Despite reports of the property market slowing down in the run up to the general election, Romans’ second public auction of the year was a great success.

Competitive bidding between investors and owner occupiers resulted in 80% of the lots selling on the day and all of them selling at, or above, their guide prices.

“The prospect of a general election certainly didn’t inhibit enthusiasm for properties with investment potential; it was a case of simply not having enough stock to supply the demand, which is obviously very good news for sellers” comments Simon Clayton, Director and Auctioneer.

An example of this is the two terraced properties in Reading which successfully sold for values much higher than their guide prices; a three bed Victorian terrace on Surrey Road (below), which has been recently modernised, sold for £256,500, almost £50,000 above its guide price, and one on Fernhurst Road, with a guide of £175,000, sold for £215,000.

“The competitive atmosphere drove prices up to extremely good levels for many of the properties,” adds Simon.

Another star lot during the auction, at the Conference Centre, Green Park in Reading, was a rarely available detached bungalow in Worplesdon, with a guide price of £270,000, which attracted a lot of excitement and eventually sold for £333,500, which is £63,500 above the guide price.

A large terrace house with planning permission to convert into two separate houses on Peel Close in Windsor sold prior to the auction for £450,000, from a guide of £400,000. And a detached chalet bungalow with great potential for improvement and extension on St. Michaels Road in Sandhurst sold for £380,000, £80,000 above its guide price.

Simon concludes: “Statistics demonstrate that historically property prices increase immediately after a general election, this bodes well for the buyers at this auction and anyone thinking of selling this summer.”