Leeds property news: auction properties still selling for more than guide price

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About 500 people packed into the latest sale by award winning brand Auction House West Yorkshire.

Auctioneers estimated auction on October 22 twas the highest turnout since March and despite the slowing down in the estate agency market, sales at Auction House property auctions are booming.

Some 85 per cent of properties were sold in this sale, raising a total of £3.1m (£3,174,500) on the day.

Auction House managing director, David Pank said: “It was a fantastic day with a great atmosphere. Demand was extremely high for buy to let investments, and from people looking for a renovation project to make their home. Many lots just flew, with incredibly dynamic bidding.”

In Aviary Road, Armey, Leeds, a two bedroom Victorian back to back had severe subsidence and was only available to cash buyers with a guide price of £15,000-£20,000. From the rostrum auctioneer David Pank made no secret of the house’s structural problems, yet bidding was fierce and it sold for £50,000.

In Park Avenue, Lofthouse, a three bedroom semi, billed as something of a DIY disaster which proved unmortgagable, had a starting guide of £55,000 and sold at £90,000 after frantic bidding in the room. Much of the previous work had been carried out without the necessary local authority permissions and the house needs total renovation. Another property in a poor condition in Nab Wood Drive, Shipley also attracted a lot of attention from buyers. The four-bed semi sold for £136,000, which was almost twice the guide price of £70,000.

The next sale for Auction House West Yorkshire is on December 3 at Elland Road Stadium, Leeds.

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