Competitively-priced properties key to successful sales at recent auction
20 July 2012
Osborne King has held another successful auction selling fourteen of the seventeen lots on offer and achieving a sales rate of 82%, which remains above the UK average. The company's auction catalogue featured a broad mix of commercial and residential property across Northern Ireland with maximum reserve prices starting at £8,000 and rising to £250,000.
Highlights of the auction included the sale of Laganville Court, a partially complete, new-build apartment complex situated in Warren Gardens close to Lisburn city centre. Comprising eight apartments, four of which are close to completion, this property was the most expensive lot on the auction list, however, its sale price of £310,000 comfortably exceeded its maximum reserve price of £250,000. Meanwhile, the final lot of the day, a development opportunity located at 40-50 Townsend Street, Belfast with full planning permission for a residential scheme surpassed its maximum reserve price of £75,00 by 60% fetching £125,000 on the day.
Residential properties proved popular with bidders eager to acquire keenly-priced houses and all three properties within a newly-constructed development at Bannville Mews outside Armagh city went under the hammer. On offer were a partially-completed four-bedroom, detached house, which sold for its maximum reserve price of £70,000, a mid-terrace, three-bedroom, turnkey house and a mid-terrace, three-bedroom house requiring internal finishing, which sold for £70,000 and £45,000 respectively.
Commenting on the day's proceedings, Mark Carron, Head of Osborne King's auction team said: "The property market remains a very tough environment in which to operate, however, we are pleased with these results and that we have been able to maintain our overall sales figure of 85%, despite the challenges of the market at present. The success of our auctions to date shows that auctions do work and appeal to cash buyers provided that pricing is right and that the stock available reflects this. Obviously, we would very much like to see more funding made available to prospective buyers, particularly since we are probably at the bottom of the market meaning that now is an excellent time to buy. Unfortunately, this is something that is unlikely to be addressed satisfactorily within the foreseeable future irrespective of recent government initiatives aimed at pumping more cash into the banking system."
The company's final auction for 2012 is due to take place on 22 November 2012 with the closing date for entries by the 11th October 2012. Full details can be found on the Osborne King website - www.osborneking.com/auction.asp.
For further information, please contact:
Mark Carron - Osborne King T: 028 9027 0000
Caroline Kieran - CKPR T: 028 9064 2741
M: 07890 387275