Property Auctions: Hammering it Home
Published by Greenslade Taylor Hunt on 28th June 2019 -
For many, property auctions are the preserve of daytime TV with the likes of shows such as Homes Under the Hammer. A guilty pleasure, it stays on our screen as we watch people undergo huge renovation projects on dilapidated gems on a fairly normal street.
For us, however, auctions are a specialism. The market for property and land auctions is as good as ever for a wide variety of properties. With the room filling at every sale and the lots achieving high sale prices, auctions really are a contender when it comes to ways to sell your home.
One of the biggest advantages is the speed. The whole process from the time the hammer falls, to completion can take a matter of weeks.
Our most recent sale, which took place at The Shrubbery Hotel, Ilminster, boasted a packed auction room and saw 12 lots go under the hammer. With 100% clearance and strong competition for all lots ranging from paddocks for grazing, investment and development opportunities which included bungalows and cottages for renovation.
The highlights included a substantial four bedroom chalet bungalow for modernisation in Closworth, which was marketed with a guide of £250,000 and sold at £328,000. A range of former poultry buildings with 4.3 acres in Martock, guided at £80,000, attracted interest on a regional basis and sold at £158,000. A delightful cottage requiring modernization at Tatworth was guided at £200,000 and sold for £270,000.
Land values ranged from £7,070 per acre for pasture land at Walton near Street, to over £20,000 per acre for 2.26 acres of pasture land at Martock. A 0.3 acre parcel of land with no planning permission but significant hope value in Beckington, near Frome, achieved £68,000. The final lot comprised an attractive parcel of pasture land at Hardington. The field was just under an acre but attracted interest from far and wide and finally sold for £45,000.
Justin Lowe, Auctioneer and Partner commented, “The auction once again demonstrated that for the right property, the auction room remains the optimum forum for determining market value and satisfying both vendors and purchasers.”
Who knows, maybe auctioning could be the best way to sell or buy your next property or piece of land? For a free market appraisal please contact the Yeovil Auction Team on 01935 415300, who cover South Somerset, West Dorset and East Devon, or your nearest GTH office.
Our next property and land auction will take at Batch Country House, Lympsham, near Western- Super-Mare on Wednesday 3rd July at 7pm. Find out more about our property auctions here.