According to Folkard & Hayward’s managing director and auctioneer, John Gorst, the firm’s April sale fell victim to the current lull in the residential property market.
“Buyers are still a little nervous about interest rates,” he observed, “and that, combined with vendors still insisting on unrealistic reserves, is affecting the markets. At present, prices will need to fall further before buyers can be tempted out again.”
In all, “1.2m was raised with the disposal of 60% of the 30 tenanted and vacant residential lots on offer. Three lots were sold before the auction, and several were sold post-auction within minutes.
But Mr Gorst was encouraged by what he saw as continued buoyancy in the commercial sector, which he believes has been less affected by interest rates.
