9:23 a.m. September 16, 2022
The East Anglia auction house held its sixth auction of the year on Wednesday 14th September, selling 46 lots and raising over £9 million with a success rate of 81%.
There were 185 registered bidders and hundreds of people watched the four-hour auction, including a seller from Sydney, Australia and a buyer from the Canary Islands.
Robert Hurst, auction surveyor, said: “As our auction took place during the period of national mourning, it was touching that the address for one of the lots was Queen Elizabeth Court, Kings Road, Great Yarmouth.
“We are observing the bank holiday and closing our offices on Monday 19th September, out of respect for the Queen and to allow our team the opportunity to mark her incredible life and service on the day of the funeral.
“We are finding more and more private owners selling at auction in search of a quick and safe sale, as a series of punitive tax changes in recent years is now compounded by rising interest rates and the looming threat of costly energy efficiency upgrades, with an EPC Rating of C or higher required by 2025.
“The cost of remortgaging has risen rapidly this year, serving as a strong wake-up call for smaller homeowners who are more dependent on debt. Professional portfolio owners continue to buy because they have larger cash reserves and are therefore immune to interest rate hikes.
“The highest priced lot of the day was a Three Bedroom Detached Bungalow Situated on Over a Half Acre on Summer Drive in Hoveton which sold for £520,000. The lowest priced lot was a derelict barn on Church Road in Redlingfield, which sold for £54,000.
A mix of lots including residential, commercial and land were auctioned, with some of the sales including:
- A three-bedroom terrace house over the hall that requires updating on Newmarket Street in Norwich sold for £237,000.
- A vacant terrace house in the north of the city that requires updating and redecoration on Churchill Road in Norwich sold for £188,000.
- A three-bedroom terraced house in need of updating on Bluebell Road in North Walsham has sold for £167,000.
- A rented terraced property producing £550 pcm (£6,600 pa) on Cromer Road in North Walsham sold for £100,000.
- 8.2 acres off Worlds End Lane in Reepham sold for £87,000, which works out to almost £11,000 per acre.
- 1.2 acres of recreational land off Short Lane in Happisburgh sold for £85,000.
- A three-bedroom country house with a large garden and off-road parking in need of improvement on Mill Road in Sutton has sold for £211,000.
- A partially converted barn on Ferrygate Lane, off Staithe Road in Martham, sold for £340,000.
- A detached country house with seven acres of gardens, pastures and woodland on The Street in Lamas sold for £480,000.
- A detached house converted into four one-bedroom apartments and rented, bringing in £27,360 a year in Huntley Grove in Peterborough, sold for £407,500.
- A three-bedroom detached bungalow in need of modernization on Mountfield Avenue in Hellesdon sold for £200,000.
- A three-story city center commercial property sprawling 2,271 square feet on Regent Street in Great Yarmouth sold for £138,500. Another commercial property a few doors down sold for £337,000.
- A three-bedroom townhouse in need of modernization in Ashleigh Gardens in Wymondham sold for £212,000.
- A currently rented £650 pcm (£7,800 pa) two-bedroom terraced house in Middleton Gardens in Gorleston has sold for £168,000.
- A two-bedroom mid-terrace house in decorative good condition on Old Wellington Place in Great Yarmouth sold for £92,000.
- A semi-detached property with lobby entrance bayfront in need of updating on Apsley Road in Great Yarmouth has sold for £119,000.
- A high-yield residential investment comprising six rental flats producing £37,700 a year on Nelson Road South in Great Yarmouth sold for £315,000.
- A Victorian terraced house in need of modernization on Bevan Street West in Lowestoft has sold for £85,000.
- A two-bedroom semi-detached bungalow with a garage requiring updating and improvements on St Michaels Road in Long Stratton has sold for £166,000.
- A two-bedroom mid-terrace cottage in excellent condition on Rectory Road in Dickleburgh sold for £200,500.
- A parcel of land of around 12.6 acres on St Johns Road in Tilney St Lawrence was sold for £340,000, which works out to almost £27,000 per acre.
- A two-bedroom detached former railway house in need of renovation on The Causeway at Stow Bridge has sold for £148,000.
- A well-decorated three-bedroom detached country house with off-road parking on Dereham Road in Beeston sold for £161,000. An adjacent unfinished two-bedroom detached house in shell form that requires completion sold for £60,000.
- A third of an acre of recreational land, including a former railway carriage on Caston Road in Griston, sold for £66,000.
- Some 2.27 acres of land off Sedgeford Road in Docking sold for a staggering £185,000.
- 4.6 acres of lake and recreation land off Church Lane in Shipdham sold for £169,000, which works out to almost £37,000 per acre.
- A third-floor two-bedroom apartment in need of an update in Old Market in Wisbech sold for £82,000.
- A three-bedroom house with a median terrace, garage and long rear garden on Beccles Road in Bradwell sold for £118,000.
The East Anglia auction house is now accepting entries for its penultimate auction of the year on Wednesday 26 October, with a closing date for entries at the end of September.
If you have land or property that you need to sell, call the auction experts on 01603 505100 or contact the team via their website at Auctionhouse.co.uk/eastanglia.
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