17th July 2014

Wombwell News

Amongst the 39 lots in Mark Jenkinson’s fifth sale of the year were eight sites offered on behalf of Barnsley BMC. Former public conveniences always attract interest and two such lots in Wombwell and Cudworth failed to disappoint as the bidding, as with most WCs, found its own level.

Auctioneer Adrian Little described the Wombwell site as far from “bog standard” and suggested potential investors may just want to “sit on it” in what hopefully is an improving property market in Barnsley. Both the Wombwell and Cudworth lots had guide prices of £20,000 - £25,000 and strong pre auction interest led to strong competition in a busy Platinum Suite at Bramall Lane .The hammer fell at nearly three times this amount for the High Street Wombwell site and a healthy £31,000 for the WCs on Barnsley Road at Cudworth

One of the most encouraging aspects of the auction was the interest shown in the six other sites dotted around the region. Land has been though a torrid time over the last seven years as residential values fell to record levels and the banks stopped lending on small to medium schemes. The six sites offered all sold well and substantially above reserve figures. A straightforward site of just under half an acre in Great Houghton sold for £81,000 and a smaller parcel of land on Harvey Street achieved £69,000 – both well above expectations. There were also strong results in Grimethorpe, Staincross, Thurnscoe and Athersley South as the auction raised over £2million

Despite five strong auctions this year it is clear that the market in this part of South Yorkshire is still extremely price sensitive as some of the smaller terraced houses in areas such as Goldthorpe, Mexborough and Barnsley struggled to create much enthusiasm  amongst local and national investors. Two houses on Victoria Street, Goldthorpe  , gutted and in need of “the works” sold at £15,000 and £16,000 whilst houses on Henry Street at Wombwell and Junction Street in Barnsley failed to attract any bids

Adrian Little, partner and auctioneer for the region’s leading auctioneers says “There is a need for absolute realism when establishing auction reserves and I suspect some clients are influenced by the media reporting on house prices. It may be a while before we see the ripple effect from London but if property auctions act as a thermometer for the market place there is certainly cause for encouragement”

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Unsure about something? Speak to our expert Adrian Little

Email adrian@markjenkinson.co.uk or call 0114 276 0151

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