Property auction raises over £6.5m - with one home selling for just £48,000
- Credit: Auction House East Anglia
Auction House East Anglia held its third auction of the year on Wednesday, May 4, selling 32 lots and raising over £6.5 million.
Robert Hurst, auction surveyor, said: “There were 154 registered bidders and nearly 1,000 people watched the three-and-a-half-hour auction.
“It has been a frenzied auction market over the last two years, with changed housing needs driven by the pandemic inspiring many moves and lifestyle changes.
"However, with interest rates rising and other macroeconomic factors at play, it will be difficult to replicate these market conditions going forward, and our May auction results show the auction market moving closer to normal conditions.
“One interesting lot was the sale of The Cock Inn public house in Barford. The pub, which has been closed for a number of years, caught the attention of investors. Guided at £250,000, it sold above reserve for £294,000.
“The highest priced lot of the day was a Grade II listed mid-terrace property arranged as five self-contained units, four of which are let producing £28,800 per annum, on Chapel Field North in Norwich, which sold for £395,000.
“The lowest priced lot was a one-bedroom ground-floor flat requiring repair off Britannia Road in Great Yarmouth, which sold for £48,000.”
Other lots sold at auction included:
- A three-storey, end-terrace, mixed-use property in need of updating on Beach Road in Lowestoft sold for £181,000.
- A two-bedroom, mid-terrace house requiring modernisation on Norwich Road in Lowestoft sold for £122,000.
- On instruction of executors, a three-bedroom, mid-terrace house on Rostwold Way in Norwich sold for £207,000.
- A two-bedroom, mid-terrace house requiring complete refurbishment on Marion Road in Norwich sold for £162,000.
- A freehold, two-bedroom flat off Grove Avenue in Norwich sold for £127,500.
- A vacant shop with two-bedroom flat above on Magdalen Street in Norwich sold for £180,000. The next door vacant shop with two-storey maisonette over the top sold for £120,000 to the same buyer.
- A hall entrance terrace house property split into two self-contained flats, one let, one vacant, on Valentine Street in Norwich sold for £199,000.
- A modern, purpose-built, two-bedroom, ground-floor flat off Kestrel Avenue in Costessey sold for £149,500.
- A three-bedroom, detached bungalow off The Street in Ovington sold for £240,000.
- A vacant, Grade II listed restaurant/retail property on the Market Place in Dereham sold for £327,500 plus VAT.
- A two-bedroom, semi-detached cottage on Norwich Road in Horstead sold for £200,000.
- A pre-fabricated, detached bungalow on Fressingfield
- Road in Metfield sold for £202,000.
- A property split into four self-contained let flats, producing £24,000 pa, off Wisbech Road in King’s Lynn sold for £268,000.
- A four-bedroom, detached house in need of renovation on Sutton Road in Leverington sold for £166,000.
- A three-bedroom, semi-detached house off Lime Tree Avenue in Costessey sold for £209,000.
- A garage on Park Lane in Newmarket sold for £375,000.
- A Grade II listed house requiring improvement on West Street in Harwich sold for £146,000.
- A two-bedroom, terraced cottage on Tut Hill in Fornham All Saints sold for £203,000.
- A four-bedroom, end-terrace house on Nelson Road Central in Great Yarmouth sold for £115,000.
- A semi-detached property arranged as two let flats producing £9,900 pa on High Mill Road in Great Yarmouth sold for £117,000.
- An unmortgageable two-bedroom, detached bungalow of non-standard construction on Keswick Road in Bacton sold for £174,000.
Auction House is now taking entries for its next sale, which will take place on Wednesday, June 15. The closing date for entries into the catalogue is in mid-May.
If you have land or property that needs to be sold, please call the team on 01603 505100 for free impartial advice, or visit the website at auctionhouse.co.uk/eastanglia
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