The auction market is flavour of the month, said Preston-based auctioneer Roy Pugh.
After 600 people attended his auction at Manchester Airport last week, Pugh said: “There were new private investors in the room, money is cheap and there appears to be plenty of it,” he said. “This year has been the most successful in the 11 years I have had my own business.”
With almost £1m of property sold prior to auction, the day ended with 88% of the 90 lots selling for almost £3.8m, including land at Bowling Back Lane, Bradford, offered with a disclosed reserve of £25,000. It made £84,000.
This was in spite of the discovery a few days before the auction of a pre-emption clause in favour of adjoining owners, which necessitated the lot being offered on a conditional contract.
