Cheffins May Property Auction ‘bucks the trend’

Despite the continuing difficult market conditions Cheffins latest Land & Property Auction achieved almost 70% sales success with 11 of the 16 lots offered being sold with a sales total of nearly £2.5 million.

It was standing room only at the auction at Cheffins Salerooms with a mix of residential, commercial and development properties on offer. In particular there was strong demand for properties requiring refurbishment with strong bidding taking sale prices well in excess of the auction guide on a number of properties.

‘With the current problems in the market, it is more important than ever to ensure that properties are sensibly priced with realistic reserves. There is still demand for realistically priced properties and auction is an ideal way to secure a sale for both the buyer and seller within a realistic timescale’ says auctioneer Simon Gooderham.

Some notable results from the auction included a detached farmhouse in Isleham requiring renovation with a guide price of £125,000 sold for £171,000; detached cottage in Bishops Stortford for refurbishment with a guide price of £180,000 sold for £221,000 and a cottage requiring refurbishment in Haslingfield sold prior to the auction in excess of the £325,000 guide price.

In the commercial sector a high yielding industrial investment at Hatfield Broad Oak sold for £870,000 to a pension fund investor from Lancashire.

Entries are now invited for the next Cheffins Auction on 16th July 2008

www.cheffins.co.uk

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