Several lots achieved a higher than expected price at Pattinson Property Auctions’ latest Newcastle sale.
The 32 conditional lots raised £960,500, and the 14 unconditional lots raised £623,000. Success rates were 44% and 72% respectively. The circa £1.6m total was down on the July auction, which raised £2.1m, and the £3.5m achieved at last year’s August sale.
Star lots at the most recent sale included a three-bedroom terraced house in Durham, which sold in the room, unconditionally, for £32,500 off a guide price of £14,950.
Nisha Shabilla, manager of Pattinson’s North East auction, put the sale price down to an “eye-catching” starting bid.
A two-bedroom semi-detached house in Newcastle was bought in the room for £70,000 – £10,050 more than its starting bid – by a private buyer who wanted the house for her daughter.
Shabilla said the vendor, who was not living in the property, had been trying to sell it on the open market for two years.
A three-bedroom semi-detached house in Herraton, Tyne and Wear, was guided at £124,950 and sold conditionally prior to sale for £148,000.
“It went as soon as it came on the market,” said Shabilla, adding that properties in that area always attracted interest, especially bungalows.
Not all sale prices went as high as the auction house had hoped: a three-bedroom semi-detached house in Newcastle hit its £125,000 reserve but did not go any further.
Summarising the event, held during the quieter summer period, Shabilla said: “We did not have as many lots as we were hoping for, but we did sell quite a few in the room.”
The auction was held on 25 August at Newcastle Falcons Rugby Football Club, Newcastle.
