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Guide prices went through the roof when a record crowd turned up to bid for homes, investment properties and land at Loveitts’ largest-ever property auction in Coventry.
The room was buzzing from the start with the first lot, a flat in Longford, Coventry, going under the hammer for £84,000, beating its guide price and setting the pace for the evening.
Investment properties proved popular, with a four-bedroomed house in Stoke Heath with letting potential going for £115,000, well above its guide price of £80,000 to £90,000.
The biggest price-beater was a 2.29 acre parcel of land off Grange Road, Longford, close to the M6 which made a staggering £181,000 roughly three times its guide price of £50,000 to £70,000.
Currently used as pasture for horses, it was seen as having potential for development subject to planning consent being obtained.
A peaceful canal-side haven with potential for a mooring, subject to permission from the Canal and River Trust, also attracted brisk bidding.
The unique opportunity to own the land with a 45-foot frontage onto the Oxford Canal off Barby Lane, Barby in Northamptonshire finally sold for £62,000, well above its guide price of £35,000 to £45,000.
Sally Smith, Loveitts Director and Auctioneer, said: “The September auction was one of our most exciting, with bidders competing fiercely for the sought-after lots.
“We had our biggest crowd ever, proving that Coventry and Warwickshire is very attractive for buyers and investors alike.
“There was a huge buzz and we are expecting a lot of interest in our next auction, which will be held on 21st November.”
Among other lots which achieved a healthy purchase price were a bungalow in need of complete renovation at Orchard Street, Bedworth, at £155,000, and a row of five garages in Dallington Road, Coundon, Coventry, that sold for £20,500.
Family-sized terraced tenanted houses in Stockingford, Nuneaton, also proved popular, with four selling in separate lots in Heath End Road and another five, also in separate lots, in Radley Drive.
Even the last home under the hammer, a double-bayed semi-detached family house in Dunster Place, Holbrooks, went for more than its guide price of £120,000 to £140,000, finally reaching £155,000.
The next auction will be held at the Village Urban Resort, Canley, Coventry, on Wednesday 21st November 2018 at 6.30 p.m.TAKE ACTION - Book your FREE tickets to the Landlord and Investment ShowsSEE ALSO - Reserve prices DON'T MISS - Top tips for purchasing a property at auctionNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Ha ha ha
I live in Coventry and one or two of these lots was on rigtmove for around the guide price and for what ever reason never sold than they go for more at AUCTION lol.
Just because it is an auction does not always mean its a good deal as you could of got them for Lees than the guide if you looked on right move while they was on there.
Homes under the hammer effect, when was the last time homes under the hammer showed a property where the person made a loss?
Hence people think all they have to do is go to an auction, get the property and they will make money....
Also lots of successful investors doing seminars about how you too can become a property investor, all of the aggressive tactics only work when prices rise and can bankrupt people if prices have even a moderate correction. Also if someone is so good at property investing and they can make so much why are they wasting their time creating competition for them selves?
Get rich quick...
It’s mad how some people get carried away.
Same as you I was looking at run down house on right move for 250k and it was sold for 250k. Three weeks later the same house appeared on auction site for 230 and was sold for 266k.