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Wednesday, April 16, 2023

Savills raise over £4m in Nottingham auction

Savills April Auction raised just over £4million in receipts for clients across a wide range of properties both in style and geographical location. A number of traditional terraced and semi-detached houses for investment or modernisation in Sherwood, Radford and Aspley sold well and particularly Hollington Road in Aspley reached £91,000 on the rostrum with strong and competitive bidding.

Chris Charlton, Auctioneer for the afternoon, commented "there were a number of new faces in the Auction Room and some first time buyers who had called to the office previously to enquire about the potential for buying at auction and were amongst the bidders for housing stock more traditionally sold into the investment market. This is an indication of the return of first time buyers to the auction market looking to snap up a bargain for their own use and competing with the investors"

There was good interest in vacant retail and commercial units including Lot 9, 291/291a Main Street, Bulwell which sold from the rostrum at £160,000. The following Lot 10 at 630 Radford Road sold on behalf of the Nottingham City Council sold under some of the most competitive bidding of the afternoon at £210,000.

Some development opportunities showed less interest and were indicative of the current economic conditions however, The Old Brick Yard at Burgass Road with planning for six units was successfully sold post auction.

Barn conversion properties at Common Lane Bramcote received some of the strongest interest in the afternoon and from a guide of £300,000 to £400,000 realised £500,000 from the rostrum.

At attractive period town house in Southwell was again successfully sold under the hammer for £145,000.

Chris Charlton added that , "all in all, given the current economic climate and lending constraints, the results were ahead of expectations although a number of unrealistic reserves from clients meant their properties remained unsold despite interest and bidding under the figure from the room".

A crowd of over 200 people packed the Auction Room at Nottingham Racecourse and a number of entries are already included for the 22nd May sale with further entries invited. The emergence of new buyers into the room, in particular some first time buyers looking to get onto the property ladder, is indicative in the change in the market and those doing their research and coming to the auction well prepared went away satisfied with their purchases on the day.



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