Election is no barrier to potential opportunities

Network Auctions finished the year on a high with their second biggest ever sale raising a total of £5.5 million and a sales rate of 66% at their 5th December ballroom sale held in the Westbury Hotel, Mayfair.

Despite having to change their auction date at the last minute due to the general election being called – and with just a week to go – bidders were out in force to snap up multiple lots under the hammer.

The sale featured a variety of lots across the country, but it was the receivership sale of plots of land from a former famous building company which attracted the most attention.

Toby Limbrick, director, said: ‘This sale was our second biggest ever and we had a good turn out in the room and plenty of phone and online bidders showing the election is no barrier to potential opportunities. Investors are keen to make the most of the current situation and our land lots have proven extremely popular with both professional and new buyers to the auction room. We’re delighted we will be offering more of these lots in 2020.’

Highlights of the sale included freehold land of approximately 2.2 acres including highways, paths, verges and parcels of land in Leatherhead selling for 220% above the top guide of £20,000 to achieve a hammer price of £64,000.

A three-bedroom end terrace in Stockport attracted a multi-way bidding war and saw the hammer fall at £147,000 against a guide of £90,000-£100,000.

Freehold land of approximately 2.84 acres including paths, verges and parcels of land in Stevenage saw a local family trio beat off stiff competition to secure the lot for £36,000 against a guide of £10,000.

Toby Limbrick, director, said: ‘We’re extremely pleased with our performance especially given the current political climate. Our results show investors can see the storm, but are able to look beyond these issues to a more positive future.’