Bidders slug it out in tale of the unexpected

A property auction in Swindon has turned into what many people might consider a tale of the unexpected. Bidders slugged it out over several of the lots, proving to auctioneer Charles Lucas, from Dreweatt Neate, that the right properties are still attracting strong interest.

“We offered 12 lots in the sale at the Hilton Hotel and sold seven of them, which some may consider not exceptional but was actually a good result in the current market,” he explained.

“The room was packed and I thought maybe it was just curious on-lookers but it soon became apparent that some were there for a serious fight.

“The first property in the sale, a village house at Chirton in the highly desirable Vale of Pewsey, had a guide price of £200,000 to £250,000 and needed work doing to make it a modern, comfortable home.

“But bidders were not deterred and five started competing for it. This dropped to two determined individuals, one eventually defeating the other with a bid of £304,000.

“The third lot was a property in the High Street at Burbage, to the south of Marlborough with planning consent for conversion to a three bedroom home. It had a guide of £80,000 to £120,000 but sold for £138,000 following keen interest.

“A building plot in Hardens Close, Chippenham, achieved guide when it made just over £50,000 and then three bidders took each other on to secure the former Methodist Church at Broughton Gifford, near Melksham. Guide for that was also £80,000 to £120,000 but it went to £148,000 before the successful bidder was able to smile.

“We also sold a building plot in Beechcroft Road, Swindon, at £48,000 – well above the bottom guide of £40,000 and interest in other properties was so strong prior to the sale that they were snapped up while another, a commercial property in Westbury, was sold for slightly more than its guide of £100,000 by our commercial team in Trowbridge immediately before the auction.

“On the following evening we moved to Wells to offer two lots, a cottage in the village of Coleford and a barn and yard at Masbury, near Wells.

“The cottage will be quite a challenge to bring up to date but still achieved £90,000 against its guide of £100,000 while the barn sold at guide for £45,000.

“The sales clearly show that interesting properties are attracting bidders and an auction is a great place to get them competing and maximise the return for sellers.

“I think the current climate, where interest rates are so low and Stock Market adventures too risky, people recognise that in the long term property will grow while capital in the bank might shrink as it earns next to nothing and shares continue to plunge.

“In five to 10 years, I’m sure all the successful bidders will be looking back and smiling at a battle won on the auction night and a long term victory in the war against capital erosion.

“It has certainly sparked enthusiasm here for our next sale May 26 and we are already taking entries.”

For more details of Dreweatt Neate auctions, visit dreweatt-neate.com.