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Derby February Auction – Brilliant Results!

18 February 2013 – Graham Penny Auctions held their first sale of the year at Pride Park Stadium in Derby on Thursday last (14 February) when a total of 58 properties came under the hammer. A very full auction room – upwards of 350 people – witnessed some enthusiastic bidding for most of the lots on offer.

92% of the properties were sold grossing £4.87m and each lot sold averaged 12.5% above its reserve price – which is an exceedingly high statistic.

Auctioneer Graham Penny commented after the sale, that there were distinct signs of the market improving. He was pleasantly surprised by the number of bidders and some of the prices which were achieved. He said auction, particularly on a turning market remained the best method of sale to achieve not only full market value at the point of sale, but also an unconditional exchange of contracts and quick completion. The speed and decisiveness of the process he said was undoubtedly the reason why auction was a favoured method of sale by both sellers and buyers alike.

The following is a selection of some of the results –

  • 2 Morley Lane, Little Eaton, a substantial two bedroomed detached bungalow with a guide price of £125,000 met with strong bidding and sold for £185,000.
  • 291 Abbey Street, Derby a large, passaged two bedroomed house with scope for improvement with a guide price of £48,000 sold for £71,500.
  • A large four bedroomed detached property on Pastures Hill, Littleover, situated on a large plot overlooking the golf course fetched £288,500.
  • A garage and store in Rocester, Uttoxexter with planning permission approved to create two storey, two bedroomed accommodation sold for £40,500.
  • 13 Derby Road, Ilkeston, a former public house converted into two large three bedroomed apartments, together with a rear yard for parking and a brick outbuilding with planning consent for conversion to a two bedroomed dwelling , met with a lot of viewing interest, and fetched £125,000.
  • 260 Derby Road, Marehay, a large building divided into five one bedroomed flats with some under-croft parking, all let and producing over £18,000 per annum, sold for £144,000. Another investment property – Flat 8 Taylors Mill in Ripley, let at £6,000 per annum, fetched £50,000.
  • 3 Alfred Street, Ripley a three bedroomed older style semi detached house requiring complete refurbishment was sold before the auction at a figure in excess of twice its guide price of £30,000+.

Entries are now invited for the next auction in Derby which will take place on Thursday 11th April at Pride Park Stadium. The closing date to enter a property into this sale will be Thursday 14th March.

For a FREE auction appraisal please contact the office on 01332 242880 – info@grahampenny.com