William H Brown achieved a 79% success rate at its latest Norwich sale, but a third fewer lots came under the hammer compared with its previous auction.
Sales were £3m – down from February’s £4.1m, but up on last April’s £2.3m.
Auctions partner Victoria Reek said a stock shortage was leading to fierce competition between agents. “With the market being tight, and there not being much property, the competition is huge,” she said.
As a result, local estate agents have started offering commission rates of around 1%, or fixed fees of as little as £595, whereas William H Brown typically charges 2% sales commission.
Reek added that she did not believe April’s stamp duty increase for buy-to-let properties had made a significant difference to the market. She said buy-to-let properties continue to be sought after in the region, including by international buyers. The latest auction saw two lots sold to a buyer based in Spain.
Character homes were also in demand, she said. A timbered semi-detached cottage in Little Snoring, near Fakenham, sold for £195,000 off a guide of £120,000 to £140,000.
The auction took place at Barnham Broom Hotel, Norwich, on 8 April.
