Last Thursday saw Edward Mellor raise over £2.1 million for it’s vendors in it’s latest auction at Lancashire Cricket Club. You can see the results online now.
Despite the gloomy weather and the half term holidays, attendance at the auction proved to be as strong as usual, with crowds of people struggling to gain access to the auction room itself.
With such strong attendance and competitive bidding, guide prices were smashed as buyers lined up to join the fastest growing sector of the UK residential property market, Buy To Let.
A two bedroom terraced house in Blackburn had been guided at £35,000 but achieved £49,000, another in Levenshulme sailed past the £40,000 guide and brought the hammer down at £57,000.
“The vendor of that house had been offered £48,000 before the auction and was seriously considering accepting” we were told by Andy Thompson of Edward Mellor Auction, “but on my advice he took the brave decision to go ahead with the auction sale and I am delighted for him that we achieved £57,000 in the room.”
The biggest sale of the day came as Lot 57, a portfolio of 6 tenanted apartments, passed it’s guide to close at £390,000. At just £65,000, each two bedroom flat is already yielding it’s new owner 8.3% in rent.
With traditional house sales continuing to struggle, the lure of a quick sale at auction is bringing more and more mainstream vendors to the fore, and it is exciting as well!!