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TODAY'S OTHER NEWS

Network Auctions saw overall sales reach £4m

Network Auctions’ November sale generated 80% of successful bids for investment lots overall, raising over £4 million.

The buy-to-let market is very much alive, with the variety of auction lots on offer attracting strong interest. Almost a third of the catalogue was sold prior to auction, with many lots selling beyond their guide prices.

Held at Grosvenor House Hotel on November 2, the well-attended auction was met with keen buyers bidding on properties with strong rental yields, indicating heavy demand in buy-to-let investment. 

Lots included a two-bedroom maisonette in Hornchurch sold for £141,000 with a guide price of £95,000, a one-bedroom Romford flat sold for £167,000 against a guide price of £115,000 and a mixed-use lot in Devon sold for £525,000 with an annual rent of £52,3000.

London, Torquay, Kings Langley and Reading were other favoured sites for development opportunities, all selling well in excess of their guide price.

The next auction will be on December 7 2017.

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