Bidding frenzy at property auction

Auctioneer Adrian Little and assistant Philip Dorman at the Mark Jenkinson February 2015 auction
Auctioneer Adrian Little and assistant Philip Dorman at the Mark Jenkinson February 2015 auction
0
Have your say

Almost 300 people packed into a Sheffield property auction - and spent £2.4m in two hours - in a sign that “confidence is returning to the market.”

Mark Jenkinson’s February event at Sheffield United’s Platinum Suite saw several plots of land and buildings soar past their guide price, including Victorian villa Clifton Court in Rotherham which was on for £125,000 and sold for £217,000.

Number 37 Fulmere Crescent, Parson Cross, went for £63,000, more than double the £30,000 guide price.

But it was vacant land that sparked the fiercest bidding - and the biggest increases.

A fifth of an acre on Wheatley Hall Road, Doncaster, which was on for £25,000 went for a stagggering £131,000.

Land and dilapidated buildings on Hall Flat Lane, Balby, sold for £69,000, up from the £15,000 guide, while a steep railway embankment on Broomhouse Lane, Edlington, reached £28,000, up from £5,000 guide.

Meanwhile, a single building plot in Crosspool sold for £216,000 demonstrated the high demand for homes in west Sheffield.

Auctioneer Adrian Little said most of those attending were builders, developers and investors and the results showed they were feeling confident about the property market.

He added: “The auction room was absolutely heaving with one of the biggest crowds for a long time.

“There was a reall buzz and for once, the issue wasn’t encouraging the first bid - but dealing with the array of hands that appeared and continued to appear for the majority of lots throughout the two-hour sale.”

The most popular items were local authority land on the market for the first time. This ‘virgin stock’ often had the potential for homes, he added.

“Many buyers were looking to ‘release the potential’ of undeveloped land. But they won’t buy unless unless they have a degree of confidence that the market will be there when they complete their project.”

Nine of the 46 lots failed to sell - but three had had offers within 24 hours, he added.

The firm runs nine auctions a year.