A post-lockdown boom saw a Sheffield auction attract more than £3m in sales as demand outstripped supply.
For the third time in a row in July, all lots were sold at the monthly online auction held by auctioneers Mark Jenkinson and Son.
Sales realised £3.25m with unmodernised houses selling well. A house at Upperthorpe, Sheffield – a classic auction lot – sold for £279, 000, more than £100,000 above the guide price.
Adrian Little, Head of the Auction Department at Mark Jenkinson and Son, in Norfolk Row, said: “Unmodernised houses sold very well. We acted in conjunction with a number of the region’s estate agents who see the benefit of selling ‘property with potential ‘ by auction where there is a need to target builders, investors and cash buyers.
“The last few weeks have been exceptionally busy and clearly we are in a ‘post-lockdown’ boom as demand outstrips supply with builders, developers and investors desperate to secure their next project.
“Today’s sale provided firm evidence that the ‘auction option’ should be seen very much as a first option rather than a last restart for Executors and Trustees selling houses needing varying degrees of modernisation.”
Also at the auction, five terraced homes in School Road, Wales near to the Rotherham-Sheffield boundary, sold for nearly £300,000.
The top price at the auction was £757,000 for an industrial ground rent offered on behalf of Hull City Council achieving nearly double the guide price of £400,000. Considerable national interest saw a Northern buyer’ outbidding all.
The next auction is on Tuesday, September 1.