60% OF LOTS SOLD AT LATEST SMITH AND SONS AUCTION

Property Auction house, Smith and Sons, sold over half of the available lots at its July online property auction with a final total sale of £600,000

Chris Johnson, Auctioneer at Smith and Sons commented: “The property market has seen a marked slowdown, largely brought on by the ever increasing interest rates and Government legislation regarding the treatment of private landlords. In light of this, we have been pleasantly surprised by the results of this latest auction.

“It demonstrates that there is still an appetite for well-priced investment property that can be included in an existing portfolio, or properties that would benefit from upgrade and modernisation for onward sale.

“Now is undoubtedly an uncertain time for the UK property market and the auction can often reflect general industry trends, as is the case here. Many people are holding on to their cash to see how things develop and so there is limited movement. Investors will naturally continue to be interested in auction where they can secure good prices for good properties with an attractive yield, a trend we saw at this summer autcion.”

Smith and Sons is now taking entries for its September auction. Anyone interested in obtaining a free appraisal should email Annette at aas@smithandsons.net