A property that was first sold at auction over 50 years ago has been sold again under the hammer for a whopping 9330% more than the original sale price. That equates to a staggering average increase of 179% per year!
Little Granary in Woldingham, Surrey, was originally bought in 1969 for £13,000 and was sold today (22 April) by Network Auctions for £1,226,000 – a 94-fold increase – despite the property being in disrepair, and people warned to exercise caution when viewing due to collapsed ceilings and the poor interior condition.
The property, a three-bedroom detached house with double garage, was originally a 1950s architect designed house, and was being sold by Order of the Trustees. It had been unlived in for many years, and the 1.16 acre west-facing plot was surrounded by security fencing.
Toby Limbrick, auctioneer, said, ‘On the day we listed the property with a guide price of £750,000+ we received two offers, so we knew the market was hot for this lot. Despite its poor condition, it was in a prime location and had huge potential. Even 24 hours before the auction began, we received pre-auction offers in excess of two hundred thousand over the guide price, but we advised the vendors to go to the auction because we wanted to ensure they got the best price.’
‘We had 19 people registered to bid. The bidding opened at £751,000 and attracted 119 bids pushing the final hammer price to £1,226,000. We are delighted for the vendor to have achieved such a stellar result.’
‘Despite the difficulties of the pandemic, property auctions have remained buoyant. We have produced some of our best results during this challenging year.’
Network Auctions’ 22 April collective online auction sold 90% and raised £5.8 million.
For more information www.networkauctions.co.uk