Banbury auctioneers Fisher German filled the Banbury Cricket Club at their latest March collective property auction, with probably the largest crowd at a local auction in two years.
A total of 10 local lots were due to be offered, but one lot was sold prior to the auction so 8 of the 9 lots offered were sold.
Auctioneer Andrew Ranson reports, “In what is meant to be a quiet market the auction was a great success. Selling 90% is well above the current national 71% average for auctions. It just goes to show that for the right sort of properties there is still a very serious amount of interest”.
The new managers at the cricket club reported that they had never seen an auction like it. The atmosphere was electric as bidders competed for the various lots.
Development sites
On the development front: A site for a replacement dwelling set in 2.5 acres in Priors Hardwick sold for £430,000 (guide £375,000), a house in Silverstone with planning permission for a substantial extension sold for £355,000 (guide £300,000) and a building plot in Mollington sold for £190,000 (guided at £175,000).
Land sales
On the land front: 44 acres at Mixbury sold for £287,000 (£6,500 per acre), two lots of land both with some agricultural buildings in South Newington generated a lot of interest and sold for £112,000 and £95,000, both about 90% over their guide prices and two paddocks in Byfield also flew, making £42,000 and £53,000.
Mr Ranson concludes, “We are seeing high levels of interest in offering properties in forthcoming auctions. It seems an increasingly popular method of selling properties in the current market. This is firstly because open bidding regularly achieves higher prices, but particularly at the moment, vendors like the efficiency of an exchanged contract at the fall of the hammer".
For further advice on auctions please contact Andrew Ranson on 01295 226288 email andrew.ranson@fishergerman.co.uk.
