Coastal Properties Soar Ahead At Auction

Properties located close to the coast have come out as the clear winners in Network Auctions’ latest sale (18 March) with bidders battling it out and boosting the sale prices way beyond their anticipated guides.

27 people bid over 73 times on a one-bedroom flat in Callington, Cornwall pushing the £20,000 guide price to a whopping £49,250 sale price – 146% higher! Fierce bidding was also seen on a four-bedroom property in need of modernisation located in Paignton, Devon which sold for £265,500 against a guide of £200,000-£225,000. The Cornish love affair continued with a tenanted building in Newquay arranged as four flats, selling for £328,000 against a guide price of £310,000-£320,000.

Toby Limbrick, auctioneer, said, ‘We are seeing a huge interest in coastal properties as more people plan their holidays in Britain and investors look to boost their profitability by getting into the holiday let market.’

‘Seaside dreaming is a key theme in our latest auction, and that’s to be expected as people focus on the future and the end of lockdown. People want to be outdoors and where better to spend time than on a beach?’

Network Auctions next online auction is 22 April. For more information: www.networkauctions.co.uk