The property market is flourishing as auction homes go for more the than the asking price.
A large five bedroom home in Hope Valley, Derbyshire, which in spite of its structural movement, sold for almost half a million at £480,000. In need of a cosmetic makeover but boasting stunning views of the peak district, the property guide price was £450,000.
The latest auction held by Sheffield based estate agents Eadon Lockwood and Riddle attracted over 150 potential bidders; with seven of the properties going under the hammer selling well above their guide prices.
Old Hall Farm was a lot on the auction list. The 15th century, grade II* listed farm house including two grade II listed barns and 4.1 acres of land set in the beautiful hamlet of Brightholme in S35, Sheffield. Despite having an expected renovation bill of one million pounds, the lot was sold for a staggering £202,000 - £122,000 more than the guide price.
Overseeing the event, which took place at the Maynard Arms in Derbyshire earlier this month, was experienced auctioneer Nick Riddle.
He said: “We had some really interesting properties at the October auction; the Old Hall Farm dwelling in particular. We’re excited now to see its renovation take shape as the new owners look to bring it back to its original glory.”
Another property to go under the hammer was a mid terrace in Hillsborough; listed at a guide price of £100,000 before going for an impressive £135,000.
A stone built Victorian property in Nether Edge which sold for £300,000 - £20,000 above the guide price; and nestled in the picturesque Peak District village of Youlgreave was a three bedroom semi-detached property which sold for £230,000 – exceeding its guide price of £195,000.
A small but charming cottage in Stanton-in-the-Peak which had a guide price of £125,000 but the sale went for £143,000.
The Royal Institution of Chartered Surveyors said the supply of homes for sale – as measured by the average number on a chartered surveyor estate agent’s books – had fallen to its lowest level since records began in January 1978.
As a result UK house prices are forecast to rise by 25 per cent over the next five years and become “ever more unaffordable”, largely because of an acute shortage of homes for sale.