Auction buyers prove there’s a new breed of bidders
Family-sized homes have exceeded all expectations at Network Auctions’ latest online auction sale held 9th December. Leading auctioneer, Toby Limbrick, to say, ‘We’re seeing a new breed of buyer in the auction room.’
The sale, which recorded an 84% success rate and raised £6.3 million, saw a huge spike in hammer prices paid for lots which would be suitable for family accommodation. A four-room detached bungalow requiring modernisation in Bell Lane, Hatfield, Hertfordshire (pictured), sold for £701,500, against a reserve of £450,000.
A luxurious ready-to-move-into four-bedroom barn in Chippenham, Wiltshire sold for 62% higher than its reserve of £400,000 for £646,000. Despite requiring full renovation, an end of terrace three-bedroom house in Watford, Hertfordshire sold for £285,000 against a reserve of £195,000.
Toby Limbrick said, ‘Increasingly we are seeing mainstream buyers purchasing at auction. This method of sale offers families a variety of properties to suit their circumstances. Unlike private treaty it offers security of sale and a known move-in date which is key for people who need to plan ahead.’
About Network Auctions
Network Auctions have sold thousands of properties, of all types, throughout the UK for a wide variety of sellers including banks, asset managers, solicitors, receivers and executors. The majority of our clients however, have no previous experience of selling or buying at auction but value the speed and certainty that an auction sale provides.
Clients choose Network Auctions for our experience and high professional standards. Our board of directors includes former president of the National Association of Valuers and Auctioneers (NAVA) Guy Charrison FRICS FNAVA FNAEA FARLA FRSA and Toby Limbrick FNAVA who trains both novice and experienced auctioneers on behalf of NAVA.
Network Auctions next online auction sale is 10th February 2022. For more information: https://www.networkauctions.co.uk/