Amidst the doom and gloom and continued downward predictions of house prices, Toby Limbrick, auctioneer at Network Auctions, has declared ‘Brighton is booming’ following the successful sale of two buildings in their online auction on 8th December.
The freehold buildings situated in Lansdowne Street, Hove and Stanford Road, Brighton are arranged as flats producing an annual income of £34,140 and £37,680 respectively. Lansdowne Street, which comprises four one-bedroom flats was guided at £650,000+ and sold for £716,000. Stanford Road, which comprises two one-bedroom apartments and a three-bedroom duplex, sold for £762,000, against a top guide of £660,000.
Toby Limbrick said, ‘While market conditions are changing rapidly what we are seeing is deals still being made on good stock that offers income and development potential. Properties located in sought after areas continue to be a good hedge against inflation and even in the uncertain future will continue to hold their value. Brighton is a booming market and the prices we achieved today reflect that.’
Network Auctions next auction will be held on 9th February 2023 and entries are invited, contact the auction team to find out more.