Posted on Friday, July 26, 2019
A three bedroom semi in Bilton, Harrogate, has sold at auction for £57K above the guide price.
The property on King Edwards Drive went under the hammer at FSS’s July Auction with a suggested guide price of £185,000.
With three double bedrooms and plenty of original features, this attractive stone built property attracted lots of interest and some lively bidding, with the hammer finally falling at £242,000.
Nidderdale Cottage exceeds guide price by £61K
The July auction also saw a high level of interest in rural escapes like Elm Tree Cottage in Summerbridge, a charming two bedroom stone cottage backing onto open fields. This pretty house near Pateley Bridge came to auction with a guide price of £110,000 and sold on the day for £171,000.
Investment property performs well
Another good performer was an investment property in Knaresborough which was offered with a guide price of £200,000 and sold for £249,000. The mixed use building on the High Street included a shop, which produces an income of £7,500, and two apartments in need of refurbishment.
Flats exceed expectations
A flat on Mayfield Grove in Harrogate, an apartment in Scarborough and a flat with its own parking space in the centre of Ripon all sold above the guide price.
What does well and why?
Richard Smailes of FSS said: “These results prove that there is a market at auction for properties that are ready to move into as well as the refurbishment and investment opportunities that people traditionally associate with the auction room.
Selling with certainty
“In the current market, where there is some degree of uncertainty, being able to take a property to market and exchange contracts there and then, at the fall of the hammer, is extremely attractive to property owners,” he added.
Getting the best possible price
Richard said the final selling prices for the properties on King Edward’s Drive and in Summerbridge proved how an auction can help sellers achieve their best possible price.
“The key to success is an accurate valuation and a realistic guide price,” he explained.
“This will attract lots of interest and brings multiple buyers into the room to bid, creating a competitive atmosphere and pushing the price up,” he added.
A quick sale
Another big advantage of selling at auction is that contracts exchange on the day of the auction and the money can be in the seller’s bank within weeks.
Richard said: “If a property owner wants to sell quickly and release the capital from their asset within a matter of weeks, auction is an excellent way to do that.”
Sell your property at auction
FSS is taking instructions now for its next auction on 1st October. If you would like to find out more about the auction process and discuss the sale of your land or property, contact the auction team at FSS on 01423 501211.