Regional property auction proves popular with first time buyers

28 February 2017

Savills first regional auction of the year saw increased interest and bidding activity from first time buyers and owner occupiers. The auction, which took place at Nottingham Racecourse on Thursday 16th February had a success rate of 84.2%.

244 Egmanton Road in Meden Vale, Mansfield and Cropwell Lings, 1 Henson Lane, Upper Saxondale were just two of the lots in the February auction which sold well above guide price to first time buyers. 244 Egmanton Road sold for £77,750 against a guide price of £55,000 to £60,000 and 1 Henson Lane saw tense bidding in the room, eventually selling for £170,000 against an original guide of £80,000 to £100,000.

Bob Crocker, director and auctions co-ordinator, comments: “Auctions are experiencing new levels of interest and success from owner occupiers. With limited stock coming to the market at present, an increased number of owner occupiers are choosing auctions as an alternative solution to take that step on to, or up, the property ladder. We also continue to witness increased demand from vendors wishing to use this method of sale for speed and transparency.”

February’s lots came from as far afield as Cambridgeshire, with a Grade II listed detached cottage at 1 Hall Lane, Werrington, Peterborough attracting plenty of interest in the room and over the phone, achieving a sale price of £290,000 against a guide of £275,000+.  

Commercial opportunities also strong demand from purchasers with the former Greggs bakery in Arnold, Nottingham selling prior to auction. 215 Mansfield Road, Nottingham, an investment opportunity comprising a ground floor retail unit and six bedroom residential accommodation with an annual rental income of £29,500 also sold for £225,000 in the room against a guide price of £200,000.

Victor Ktori, head of office at Savills Nottingham, adds: “We are seeing a big increase in investor led acquisitions by small commercial businesses and we already have a selection of interesting commercial lots lined up for our next auction in April. With careful consideration around pricing, buyers are still willing to bid big on commercial lots buying a wide variety of properties across the UK.”

The next Savills regional auction in Nottingham will take place on Thursday 27th April.

See the full results from the day here.

 
 

Key Contacts

Bob Crocker

Bob Crocker

Director
Residential Auctions

Savills Nottingham

+44 (0) 115 934 8023

 

Chloe Collins

Chloe Collins

Associate Director
Press Office

Savills Nottingham

+44 (0) 115 934 8164