Under the hammer with Brown and Co

Written by Caroline Culot.

After all the excitement, our summer auction has come and gone and it is now time to start the process all over again, writes Peter Hornor, of Brown & Co.

“We have become very close to our clients and their properties over the marketing period and we had some super lots in the last sale and will miss our involvement with them.  Nonetheless congratulations to all the buyers on their acquisitions.

“At the time of going to press we appear now to have sold some 15 out of the 19 lots and were pleased with a nearly 65pc success rate on the day.

“The market is going through a difficult time at the moment but with a packed auction room we were pleased with the results, which I do think indicates that there is a market out there and our results have proved this.

“We sold upwards of £1.5 million of property on or immediately after the sale withNorwichproperties selling well and in particular terraced houses onDereham RoadandChalk Hill Roadand a non-standard construction property in New Costessey. 

“Out in the county a dilapidated farmhouse in Aslacton sold well, confirming that there is always interest for a property that needs to be renovated but subject to realistic assessment. 

“Equally, the house in Long Stratton which was in poor order sold well and in this case the reserve had been set very realistically, which led to countless viewings, a great deal of demand and an outstanding result.

“We continually ask ourselves after auctions what there is to learn from the relationship between the reserve price and the eventual result. 

“As mentioned, realism must be the key but the scarcity factor is relevant as well and the key is to generate competition.

“The world seems to be in turmoil at the moment but our auction has shown that there is a way forward and there is demand for quality property throughout the price ranges. 

“We are now back to the drawing board and gathering lots together for our September sale in the knowledge that there are buyers out there keen to do business and do let us know if we can help you achieve a result and meet with your objectives.

Brown & Co is on 01603 629871.

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