Amazing March Nottingham Auction

20 March 2013 – Graham Penny Auctions held its second Nottingham auction of the year this week (Tuesday 19 March) securing its biggest ever attendance and achieving a staggering 55 per cent above reserve average; well and truly highlighting how the East Midlands property market is on the rise.

More than 400 people – the biggest crowd Graham Penny Auctions has ever seen – packed into the auction room where a furious round of bidding sold 34 properties and helped the company achieve sales of £3.4m, over £840,000 more than the first Nottingham auction of 2013 last month.

The property catalogue ranged from terraced and semi-detached homes to joint residential and commercial properties and development land from across Nottingham, Derby and Leicester and further afield including London, Portsmouth and Sunderland.

Auctioneer Graham Penny commented: “The auction room was quite literally full to the brim with excited bidders and it was a brilliant sight, not only for us but for the East Midlands property sector as a whole. Before the auction we knew we had a strong catalogue of properties and we were confident of achieving some good sales but the results way surpassed our expectations. The level of interest and property sales is slowly gathering momentum and I’m delighted to be at the heart of this upward trend.”

The auction was part of the East Midlands Landlord Expo at the East Midlands Conference Centre and alongside the sale, Graham Penny also presented a keynote speech entitled: An Auctioneers Guide to Buying at Auction.

Highlights of the Nottingham property auction include:

  • 56 Penarth Rise, Mapperley: a three bedroomed semi-detached house requiring a scheme of modernisation and improvements had a guide price of £68,000 and sold for £106,000.
  • 64 Rossington Road, Sneinton: a traditional end terraced house ideal for investment purposes had a guide price of £48,000 and sold for £67,000.
  • 156 Allington Avenue, Lenton: a two bedroomed house in a popular student location had a guide price of £55,000 and sold for £82,000.
  • 246 Bye Pass Road, Beeston: a three bedroomed semi-detached house in a popular location had a guide price of £75,000 and sold for £106,000.
  • 122-190 Carlton Road: two retail units with two self-contained flats above close to the city centre had a guide price of £85,000 and sold for £159,000.
  • 6 Byron Crescent, Awsworth: a three bedroomed detached house in a cul-de-sac location had a guide price of £80,000 and sold for £102,000.

Entries are now being accepted for the next Nottingham auction at Nottingham Racecourse on Thursday 9th May. The closing date to enter a property into this sale will be Thursday 11th April. Graham Penny Auctions is also hosting a Derby auction at Pride Park Stadium on Thursday 11th April.

For a free auction appraisal please call us on 0115 9588 702 or email nottingham@grahampenny.com.