Impending election didn't deter bidders at June property auction, says expert

Auction House East Anglia held its fourth auction of the year on Wednesday, June 12, raising nearly £10 million, despite the impending general election.

Robert Hurst, auction surveyor, said: “A general election can often introduce a period of uncertainty as buyers and sellers wait to see the outcome before making major decisions.

“This hesitation can lead to a temporary slowdown in the market. Potential buyers can delay purchasing property until there is a clearer picture of future government policies, particularly those affecting housing and taxation.

“Similarly, sellers often hold off on listing their properties in the hope of more favourable market conditions post-election.

Denver Hall sold prior to auction for above its guide of £650,000 (Image: Auction House East Anglia)
“With the general election only weeks away, we were wondering how this might affect our auction. However, we were pleased with the level of activity, selling 54 out of 79 lots offered and raising nearly £10 million.”

The highest price lot sold was Stower Grange Hotel in Drayton, which sold for above its guide of £800,000 straight after the auction. The lowest price lot was a small 0.06 acre parcel of land off Olivers Road in Clacton On Sea, which sold for £13,000.

Brookside, Lower Green, Denston, which sold for £250,000 (Image: Auction House East Anglia)
A mixture of lots, including residential, commercial and land, went under the hammer, and some of the sales included:

• A water damaged three-bedroom, timber-framed, ex local authority house on Penn Grove in Norwich sold for £117,000.

• A three-bedroom terrace house requiring modernisation on Silver Street in Norwich sold for £167,500.

• A three-bedroom terrace house requiring updating on Branford Road in Norwich sold for £170,000.

• A two-bedroom terrace house, let on a regulated tenancy and producing £3,216 pa, on Newmarket Street in Norwich sold for £118,000.

• A terrace house requiring refurbishment on Vicarage Road in Norwich sold for £166,000.

• On instruction of a housing association, a semi-detached house on Ketts Close in Hethersett sold for £160,000.

• A three-bedroom, semi-detached house on Cromwell Close in Hethersett sold for £155,000.

• Nine acres of woodland off Crowden Lane in Salle sold for £73,000, equating to over £8,000 per acre.

• A three-bedroom, semi-detached house on Chapel Road in Spooner Row sold for £172,000.

• A residential investment comprising six studio flats, let and producing £36,960 pa, on Lime Tree Avenue in Wymondham sold for £407,500.

• A former toll house set in 1.27 acres off The Street in Old Costessey sold for £220,000.

• A three-bedroom, semi-detached house requiring improvement on West End in Saxlingham Thorpe sold for £177,000.

• A three-bedroom, detached cottage in need of renovation on City Road in Littleport sold for £114,500.

• A derelict, detached house on Primrose Hill in Doddington sold for £196,000.

• A parcel of land extending to 0.396 acres off The Rideaway in Hemingford Abbots sold for £40,000.

• A three-bedroom, semi-detached cottage requiring renovation on Halls Corner Lane in Hevingham sold for £180,000.

• 6.45 acres of woodland off Reepham Road in Felthorpe sold for £39,000, equating to over £6,000 per acre.

• A three-bedroom, detached cottage on Lower Green in Denston sold for £250,000.

• 15 acres of land off Swaffham Road in Watton sold for £268,000, equating to over £17,000 per acre.

• A mixed-use property comprising a let fish and chip shop producing £11,520 pa and adjoining house on Market Place in Hingham sold for £300,000.

24 Market Place in Hingham, which sold for £300,000 (Image: Auction House East Anglia)

• A range of outbuildings set in two acres off Mill Road in Hardingham sold for £111,000.

• A three-bedroom, terrace house on Limassol Road in Dereham sold for £170,000.

• A five-bedroom, detached house on School Lane in Wiggenhall St Germans sold for £195,500.

• A derelict, detached bungalow set in six acres off The Street in Brockdish sold for £325,000.

• 4.42 acres of pasture land off Wash Lane in Shelfanger sold for £50,000, equating to over £11,000 per acre.

• A two-bedroom, semi-

• detached bungalow requiring modernisation on High Road in Needham sold for £159,000.

• A three-bedroom, semi-detached house on Ashby Road in Thurton sold for £212,000.

• A three-storey, semi-detached house off Undercliff Road West in Felixstowe sold for £375,000.

• Two adjoining retail units on Station Road in Clacton On Sea sold for £175,000.

• A timber-framed, detached bungalow on Neville Road in Heacham sold for £103,000.

• A 60 foot yacht on dry dock in Lowestoft sold for £19,500.

• A three-bedroom, end terrace house requiring updating on Clapham Road North in Lowestoft sold for £80,000.

• A three-bedroom, detached bungalow on Lorraine Gardens in Norwich sold for £250,000.

Auction House East Anglia is now taking entries for its next auction on Wednesday, July 24, with a closing date for entries towards the end of June.

If you have land or property that needs to be sold, call 01603 505100 or visit auctionhouse.co.uk/eastanglia