Cheffins held their second property auction of the year on Wednesday last week, the 21st of June. The auction seemed to go well, with a number of different properties managing to be sold for over their guide price. The total realization of the auction event coming to more than £2.5 million. There were 17 different lots available at last wednesday’s auction which took place at the company’s Cambridge salesroom.
The sale rate of the auction managed to reach 76% and reflects the strength of confidence in the East Anglian property market. The next auction by Cheffins is scheduled to take place on the 27th September. The auction that took place this month has shown that the market has continued to grow and do well for those looking for development opportunities, investments and end-users. The results of the recent General Election and the beginning of Brexit negotiations have lead to uncertainty that could have a negative impact on the property market. However, the property market in Cambridge and the surrounding area seem to be doing well at the moment. There has been an interest shown in farmland and grassland lots that have the potential for developments.
A Kenford village hall was sold to a local buyer for £330,000 with outline planning permission to demolish the building and replace it with two three bedroomed detached houses to be built on the 0.3 acre site. End users purchased a number of houses at the auction including a two bedroomed detached cottage that has a large and mature garden located in Helions Bumpstead on the borders of Cambridgeshire, Suffolk and Essex for £200,000, £50,000 over the property’s guide price. There was a competitive amount of bidding for the lot that consisted of 1 & 1A Oxford Street in Exning which is located near to Newmarket. This lot needs a great deal of refurbishment but there is the potential to re-establish the shop and create a rental income from the flats in the property.