Network Auctions Fights Off Property Market Blues

Network Auctions latest sale on 12th July at Grosvenor House Hotel, London has delivered a market beating performance and allayed fears of a property market downturn. The sale delivered a total of £8 million across properties geographically spread across the county and across all asset classes.

A modern church with car park located in Surrey, guided at £750,000 attracted early interest and saw a frenetic bidding war and eventual hammer price of £2,005,000. The vendors, a charitable trust, had been advised to sell in the room despite receiving a pre-auction bid of £1,050,000, £300,000 over the guide price.

A Freehold tenanted building in Bridgwater, Somerset producing an annual income of £11,500 and guided at £40-50,000, attracted buyers to use every method of bidding available with proxy, phone, online and in-room buyers vying for the lot and a final sale price of £132,000.

A long leasehold pretty cottage in Northwich, Cheshire also exceeded all expectations by selling for £132,000 against a guide of £70-75,000. The probate sale which required full modernisation received 120 viewings and saw the legal pack downloaded 103 times.

Toby Limbrick, director, said “We’re delighted with these strong results despite the challenging market conditions. This sale really shows how local marketing combined with national exposure gets sellers the best price. We’re very happy that vendors took our expert advice on the pre-auction bids and we have delivered results exceeding expectations.”

Network Auctions next sale is 12th September 2018.