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Is auction now the method of choice for discerning vendors?

Friday 17 November 2017

If the latest results from NAVA Propertymark Protected auctioneers Clive Emson are anything to go by, the answer is a definite, big fat, yes. With sales totaling over £23 million in their latest sale alone.

Britain’s largest independent regional land and property auctioneer achieved a sale rate of 79 per cent at their Autumn auction.

The firm catalogued 179 lots for the auction – its biggest of the year – which took place over five days at five regional venues.

Managing Director James Emson said: “This has been a year full of challenges and uncertainty, but what remains certain is that people trust bricks and mortar.

“Property and land auctions keep growing market share as both vendors and purchasers continue to trust us to get it right.

“The appetite for property very much remains undiminished despite the recent interest rate rise, which I’m sure will have only a modest impact on the market.

“There is an underlying resilience in the UK housing and commercial property market which has not been shaken too much by Brexit, the general election or stamp duty and tax changes and retains overall stability.

“We look forward to our December auction, which is always a festive occasion, with a host of Christmas crackers for all tastes and pockets.”

And it's not just bricks and mortar!

One of the more unusual lots under the hammer was a parking space in the busy holiday resort of St Ives.

The space in the centre of the Cornish town, went for the guide price of between £30,000 and £40,000. We can't disclose the exact figure due to confidentiality as the lot sold privately prior to the auction.

St Ives, which has a population of over 11,000, is coastal town popular with tourists and second home owners. It has a scenic harbour and glorious sandy beaches. However, part of what gives it its charm also brings issues. As the town is made up largely of narrow streets on hills, parking is scarce and fetches premium prices, as it does in other sought-after seas-side towns in the South-west.

Auctioneer Katie Semmens, former NAVA Propertymark Auctioneer of the Year, and NAEA Propertymark member said:

“The new owner was very keen to secure the spot and made a bid which was accepted prior to the auction."

Space 19, in the private Tregenna Hill car park, measures 4.4m by 2.1m (14ft 5in by 6ft 11in), and was listed as a "parking space within popular coastal town".

Katie added: “They now have easy year-round and secure parking with access to the town centre, and thereby its picturesque beach and harbour.”

The space comes with the remainder of a 999 year lease that started in January 1988.

Other auction highlights from the independent firm, which works with 850 high street estate agents across southern England, included:

  • A now boarded up beach front building in Viking Bay, Broadstairs – previously a shelter, toilet block and lift shaft – sold for £350,000, fully £300,000 above guide.
  • A substantial, three-storey former bank building with potential on a corner plot in Stanford-le-Hope, Essex, went for £750,000-plus.
  • A frantic saleroom bidding war saw land with potential on the desirable Kingswood Estate in Tadworth, Surrey, selling for £285,000, four times the higher freehold guide.
  • A 1,400 sq ft first and second-floor office building at the Royal Arcade in Boscombe, Bournemouth, achieved a hammer price of £90,000.