Second auction of 2016 is a success

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24 Mar 2016

Auction buyers spring into action

Author: Simon Clayton

The imminent changes in Stamp Duty charges didn’t stop investors from competing for the best properties at Romans’ second auction of the year, as hundreds of buyers packed the sales room at the Green Park Conference Centre in Reading.

Competitive bidding for rare and high demand lots resulted in 73% of the lots selling on the day with several post-auction deals still to be done. To the delight of sellers, the majority of properties made significantly higher prices than their reserves.

The Peacock, Bolter End

Simon Clayton, Romans’ Auctions Director, comments: “Before today we were concerned that the new Stamp Duty reforms, whereby a 3% surcharge will be added to each stamp duty band when the property is purchased as a buy-to-let investment or second home, may have deterred some investors from bidding. However, this auction proved our fears were unfounded.

“It seems buyers have accepted that long-term house price growth will outweigh the increase in purchase tax; the prices we achieved for many of the lots demonstrated this quite clearly.”

One of the most highly anticipated lots of the day was The Peacock, a public house in Bolter End. The detached freehold public house is situated on a plot of approximately 1.25 acres in a picturesque Chilterns location and sold after some fierce bidding for £511,000, an incredible £121,000 more than its guide price.

A detached building, formally a workshop, benefitting from full planning permission to convert into a unique one bedroom, two story house on Highway Avenue in Maidenhead sold for £227,000, from a guide of £190,000.

Another popular lot was a quaint cottage on Church Lane in Three Mile Cross requiring modernisation and offering great potential for extension, which sold for £330,000 from a guide of £320,000.

A period end of terrace house requiring refurbishment on Red Lion Road in Chobham sold for £499,000, which is £179,000 more than its guide price. And a detached house on Woods Road in Caversham, with full planning permission to demolish and replace with a new five bedroom house, sold prior to the auction for a figure higher than its guide price of £350,000.

Simon adds: “Some incredibly strong prices were achieved but, as ever, the market is supply driven and we just didn’t have enough stock to supply the huge demand from buyers.”

Romans is now inviting entries for the next property auction of the year on 18th May. Contact the team to see if selling by auction would be the best method for your property on 01344 988 728 or auctions@romans.co.uk, or visit romans.co.uk/auctions

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