A SINGLE garage in Broomhill has sold for £23,000 at a Sheffield auction – more than four times the £5,000 guide price.
Auctioneer Adrian Little, from Mark Jenkinson & Son, says the price paid for the 19ft by 8ft garage on Beaufort Road reflected the competition for parking close to Sheffield University and the hospitals nearby.
Jenkinson’s latest auction saw 16 of the 18 lots sell, raising a total of £1.4 million and Adrian Little reckons that if people came forward with more properties he could sell them.
“At the moment we could sell double or treble the number of auction lots because the demand is there,” said Mr Little, who believes low interest rates and the prospect of rising property prices are boosting the market.
“People are looking to do things with their money. Do you get a two per cent return by putting it in a bank or eight, nine or 10 per cent by buying property, which is a tangible asset?
“The general feeling is that we are probably at the very bottom of the market and the Land Registry seems to suggest there has been a slight rise in prices this year, which is always a catalyst for activity.
“People usually jump on board when they think the market has bottomed out and there is the potential for growth in the immediate future,” Mr Little added.
Jenkinson’s auction included five pubs, which sold for more than £200,000.
“We’ve had a few pubs come through during the year that have seemed to be attracting interest for alternative uses such as conversion to residential properties or convenience stores,” said Mr Little.
“There are also experienced publicans out there, who understand the business and have a desire to make things work.”
Norfolk Row-based Jenkinson has staged six auctions involving a total of 192 lots this year, 177 of which sold – a 92 per cent success rate that it says is the highest consistent rate for many years.