Nearly £12m sold at spring property auction

Auction House East Anglia held its third auction of the year on Wednesday, May 1, selling 69 out of 95 lots offered, achieving a 73pc success rate and raising nearly £12 million.

The highest price lot was a four-bedroom detached farmhouse set in 2.48 acres on Low Road in Runham, which sold for £485,000.

The lowest price lot was a small parcel of land used for parking with lapsed planning permission for a detached house on King Street in Great Yarmouth, which sold for £24,000.

Robert Hurst, auction surveyor, said: “With the ongoing uncertainty over inflation and interest rates, the auction market appears to be taking the opportunity to breathe and settle into what is likely to be a new normal over the coming months.

33 Bethel Street, Norwich, which sold for £460,000 (Image: Auction House)
“Over the past few years, the UK property market has seen some substantial changes in the way that investors and homeowners are choosing to buy and sell land and property, with more and more going to auction.

“Historically, auctions had been seen as a niche market for investors and developers, which has led to misconceptions about the types of properties being sold at auction.

“However, the potential that auctions present for first-time buyers, landlords, and those looking to sell their current homes has started to become realised, with more people choosing this method.

“This helps explain why our auctions have grown to around 100 lots an auction.”

74 Upper St Giles, Norwich, which sold for £313,000 (Image: Auction House)
A mixture of lots including residential, commercial and land went under the hammer and some of the sales include:

• A ground floor studio flat on Berners Street in Norwich sold for £63,500.

• On behalf of a council, a two-bedroom semi-detached bungalow requiring updating on Cyril Road in Norwich sold for £152,000.

• A three-bedroom, mid-terrace house on West End in Norwich sold for £182,000.

• A Grade II listed office building on Bethel Street in Norwich sold for £460,000.

• A solicitors office on Burgh Road in Aylsham, which is currently let and producing £14,500 pa, sold for £186,000.

• 5.26 acres of amenity land off Manor Road in White Horse Common near North Walsham sold for £96,500.

• An ex-local authority three-bedroom, semi-detached house requiring updating on Norwich Road in Pulham St Mary sold for £189,000.

• A three-bedroom, semi-detached house in need of updating on Julians Way in Pulham Market sold for £227,000.

• A three-bedroom terrace house requiring modernisation on Stanley Street in Lowestoft sold for £80,000.

• A semi-detached house that’s part modernised and in need of completion on Norwich Road in Fakenham sold for £219,000.

• A purpose built, first floor, one-bedroom flat on Clifton Street in Norwich sold for £95,500.

• A former guest house on West Cliff overlooking Cromer Pier sold for £351,000.

• On behalf of a housing association, a two-bedroom, semi-detached bungalow on Cooks Terrace in Wicklewood sold for £136,000.

• The Grade II listed former Wymondham town hall sold for £321,000.

• A Grade II listed city centre building previously used as a language school on Upper St Giles in Norwich sold for £313,000.

• A let shop producing £6,960 pa on The Street in Long Stratton sold for £51,500.

• A vacant public house on Ormesby Road in Badersfield sold for £180,000.

• A two-bedroom detached bungalow on Gorse Close in Mundesley sold for £205,000.

• A four-bedroom, semi-detached house requiring remedial work on Mill Road in Cromer sold for £162,500.

• A Grade II Listed four-bedroom terrace house on All Saints Green in King’s Lynn sold for £100,000.

• A four-bedroom, semi-detached house requiring remedial repair on High Road in Wortwell sold for £203,000.

• A two-bedroom flat on Riverside Maltings in Diss sold for £104,500.

• A part modernised and extended detached cottage requiring completion on Tottington Road in Thompson sold for £250,000.

• A one-bedroom linked bungalow on Lincoln Close in Hingham sold for £103,000.

• A three-bedroom detached bungalow on Norwich Road in Swaffham sold for £175,000.

• Two Grade II listed barns off the High Street in Saxmundham sold for £139,000.

• A 0.26 acre parcel of amenity land off Back Lane in Burgh Castle sold for £44,000.

• A four-bedroom, mid-terrace house on Trafalgar Square in Great Yarmouth sold for £108,000.

Auction House is now taking entries for its next auction on Wednesday, June 12 with a closing date for entries in mid-May. If you have land or property that needs to be sold, call 01603 505100 for free impartial advice or visit auctionhouse.co.uk/eastanglia