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Results for 19 May 2009
THE DARING BIDS OF MAY
Mark Jenkinson and son’s auction on Tuesday saw one of the biggest crowds at Bramall Lane’s Platinum suite for some time with forty five lots coming under the hammer. For the first time in nearly thirty years, regular auctioneer and senior partner Paul Hough was absent from the rostrum, giving auction coordinator Adrian Little the opportunity of wielding the gavel, in what turned out to be a very busy and productive afternoon.
By the end of the two hour long sale, hundreds of individual bids were made with sale prices varying between £500 (probably the lowest price ever for an individual lot) and £665,000 (the highest individual lot price for several years) In all, some £3.7 million worth sold taking the total for the year to just under £10 million. The success rate of 86% compared well to the national average for last month of 70%.
Since November of last year there has been a steady increase in activity in the auction room with the overriding impression that the market has now “turned the corner”. Auctions are usually ahead of the domestic property market and the confident bidding on Tuesday certainly wouldn’t have been seen without the prospects of a brighter future.
Clearly, there remains a strong demand for properties requiring renovation, evidenced by a two bedroom terrace on Duncan Road at Crookes selling for £104,000 and the very next lot on Harwell Road achieving £84,000 – well above reserve.
Demand is also strong for income producing properties and the lots offered this month on behalf of the Grainger Trust were not exception. These are mainly houses with long term tenancies where the rent is pretty modest but the prospects for long term security and growth are good.
One of the most pleasing results of the afternoon was for 19 Bower Road at Crookesmoor – a substantial student investment property producing an annual income of just under £67,000. There had been considerable national interest in this and swift bidding resulted in the hammer (Yes, Adrian does use a hammer unlike Paul who usually just thumps his catalogue) dropping at £665,000 representing a yield of 10%
Following two former public houses in Bolsover and Doncaster, a nice house on Westbrook Bank , a not so nice house on Harcourt Crescent and Takeaway premises on Langsett Road the last five lots in the catalogue generated the most amount of interest . All of these former University properties were offered on behalf of Escafeld Estates and sold subject to a covenant restricting their use as Student properties or houses in multiple occupancy.
Grange Crescent set the tone with fiercely competitive bidding resulting in a sale price of over £100,000 above the guide. The flats on Harcourt Road sold for £272,000, a house on Marlborough Road £153,000 and two other houses on Harcourt Road achieved £151,000 and £152,000 with one of them going to a very nice young couple on the front row who have bought their first house – good luck to you!
The sale illustrated that from a buyer’s point of view there are great deals to be had if you have the all important finance and are willing to be daring and take risks.
From a seller’s point of view there is a market out there if you approach the issue of price sensibly and get the all important guide price right the first time. Many houses we are asked to look at are just “too good” for auction but for properties with potential, a sale by auction should be the first option and not just a last resort
For further information about entering property into our July auction contact either Adrian Little or Mark Renshaw
The next
sale will be held at the Crucible Theatre on: 21/09/2010.
Catalogues are available either by personal call, or by annual subscription
at nominal cost.
Contact
Adrian Little at Mark Jenkinson and son without delay if you
want to know more about this exciting form of selling, which is
of course ideally suited to "property with potential"
 
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