‘I did pay more than I intended’: The buyer who paid £42,000 for a £2,000 piece of land
A builder who paid more than 20 times the guide price at auction for land in a Norfolk village says he has no immediate plans for the plot.
Matthew Hall, 26, who lives in Great Ellingham, and runs his own firm doing groundworks and small developments, bought land adjacent to the fire station in Church Road, East Harling, near Thetford at an online auction.
The lot attracted an incredible 177 bids from 12 different buyers meaning the price – a guide of £2,100 – quickly climbed.
Due to the coronavirus outbreak the sale was held online and the lot soon gained bids of £30,000. From there though it was just down to Mr Hall and one other rival bidder and at £42,400, the hammer came down.
“I probably have paid more than I wanted,” Mr Hall admitted. “But I was prepared to go up to £40,000 and I didn’t want to lose it over just a couple of thousand. My heart was pounding a bit but I used to bid at car auctions when I was about 17-18 so I’ve got used to auctions.”
He also revealed he had got lucky before in the auction saleroom, bidding for land in Wymondham a few years ago which he purchased for around £25,000. Approval for between 20 and 30 houses is pending.
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“I’ve got no immediate plans for the East Harling land, it’s for a rainy day, it’s for when some of my other projects stop. With planning, you could build a three-bedroom house with a garden, a starter home. It would be good to bring some new buyers into East Harling.
“It’s not going to earn me a lot of money.”
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The land was sold on behalf of Norfolk County Council by SDL Auctions.
Andrew Parker, managing director at SDL Auctions, based in Nottingham, said: “This is a fantastic result for our seller and we couldn’t be more delighted for them.
“It just shows what can happen at auction when several people have their hearts set on the same lot.”
The land is well served with amenities and leisure facilities.