This marks the company’s second property auction post-lockdown, with bidding available online, by proxy or by telephone for the 16 lots on offer.
Ian Kitson, director at Cheffins, comments: “This next catalogue offers a variety of income-producing assets throughout East Anglia, with the commercial and mixed-use lots demonstrating the long-term mixture of rental yield and capital growth that buyers are currently looking for.”
The Cheffins July sale grossed £1,711,000 with a 100% sale rate. Cheffins’ property auctions generated around £10,000,000 in the previous 12 months, throughout the East Anglia and Mid Anglia regions.
“The success of the July auction goes to show that it is business as usual for the majority of investors in the market with a continued demand for property across the region,” Kitson continues.
“There has also been an increase in the number of residential lots on offer which are sure to draw both investors and first-time buyers, who are presently particularly active in the market due to the stamp duty holiday.”
Highlights of the sale include an end-terrace, three-bedroom house on Wetenhall Road in Cambridge needing full refurbishment with a guide price of £365,000, and a ‘stunning’ Grade II-listed thatched cottage in Hundon, Suffolk also in need of updating which has a guide price of £200,000.
Also available is a two-bedroom flat in Saffron Walden, a semi-detached three-bedroom house in Hardwick and a two-bedroom garden flat in Royston.
For those looking for an unusual opportunity, there is a former chapel in the popular village of Aspley Guise, near Milton Keynes, which sits on 0.11 acres and offers change of use and development potential, subject to planning permission. This has an estimated guide price of £22,000.
Kitson adds: “The smaller residential options available will be good opportunities for buy-to-let investors, allowing greater yields due to smaller outlays following the changes to stamp duty rules.”
In the land section, the most valuable lot is 13.68 acres of Grade II arable land at Doddington near March. This is in a strategic edge of village location and has an estimated guide price of £110,000.
Another land lot is 14.11 acres at Witchford, near Ely, which is laid totally to grassland and has an estimate of £90,000. There is also a small parcel of woodland in Ashdon and 3.66 acres of arable land at Walpole St Andrews, Wisbech.
Cheffins’ next auction will take place on Wednesday 16 September from 2pm at Clifton House, 1&2 Clifton Road, Cambridge, CB1 7EA and online at https://www.cheffins.co.uk/property-auctions.
A ‘lot’ cheaper – houses at auction cost 40% less than average property
Houses bought at auction in 2020 are 40% cheaper than the average cost of a home, according to new research from Octagon Capital.
The auction finance specialist combined data on houses bought at auction in 2020 and official government house price data to find that on average houses sold at auction cost £138,240.
Homes sold through other methods, however, achieve an average £231,885.
Overall, those from the North East are buying houses at auction at a rate furthest below the average property price in the area. On average, houses bought at auction in County Durham, Tyne and Wear, Cleveland and Northampton in 2020 have been 76% cheaper.
Elsewhere, houses bought at auction in Lincolnshire in 2020 cost 73% below the average property price for the area, with Scotland auction hunters 72% down.
At the other end of the scale, Leicestershire auctions tend to be more aligned with the average property prices for the county - although house-hunters in this area have still saved 19% on the average property price this year.
In London, the difference was 60%; however, in the wider south east of England the cap was only 27%.