There was certainly nothing unlucky for the vendors of our recent property auction held in the Castle Hotel on the 13th October recently. Over 150 people crammed into the venue anxious to bid for their chosen lot and as a result we saw 8 out of 9 properties successfully sold under the hammer with all guide prices being exceeded.
The auction included a Grade II listed farmhouse near Kingston St Mary, in need of renovation, accompanied by a range of traditional barns and 19 acres of pasture land which was offered for sale in two lots. The farmhouse, buildings and 7 acres were offered as Lot 1, having been marketed at a guide price of £500,000, firm bidding over the phone resulted in a sale at £585,000. The remaining 12 acres of level pasture land located opposite, was also strongly contested resulting in a sale at £152,000 (£12,666 per acre).
Also included in the sale was 10.6 acres of pasture land at Charlton Mackrell achieving £56,000 (£5,283 per acre). The demand for farm land continued for a block of 23.89 acres at Stawley, Wellington which was sold in two lots achieving average prices of £8,210 and £6,179 per acre.
The remaining land lots were also under exceptional demand with a 7 acre field at Ford Street, Wellington selling for £79,000 (£11,098 per acre), a 10 acre field at Horton, Nr Ilminster for £121,000 (£11,415 per acre) and a delightful 3 acre arboretum at Adsborough saw biddings stop at £44,000.
Martyn Venner, in the firm's Taunton Office, commented "For the right property the auction system can often release a property's maximum potential which could otherwise not have been achieved by other methods of sale. Buyers like the transparency of the auction process and in this market it gives them confidence when bidding and the security of knowing the property is theirs when the hammer falls. The land market is showing no signs of easing and we are regularly seeing prices of £12,000 per acre being bought by farming and non farming clients".
If you have a property or land you are considering selling or would like some advice on please contact Martyn Venner on 01823 277121 in our Taunton Office for a free market appraisal.
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