Top Auction Opportunities

In association with EIG the specialist property auction information website Property Hawk has searched the nations auction rooms (from the comfort of our office) and put together a collection of examples of some of the prices paid at auction over the last few weeks together with other opportunities that are coming up.

Examples of high yield properties recently sold at auction

It is frequently possible to pick up high yield properties at auction. Examples of this over the last few weeks was a garden apartment at 67 Warner Road, Camberwell, London sold on 5th June for £230,000 on a yield of 9.72%. Outside the south east in Cleethorpes a flat above a shop at 191 Grimsby Road sold on 26th June by Eddisons for £27,500 with rent of £4680 the gross yield was an amazing 17%.

Other examples were:

Address	Price	Yield
69 Blackdown, North Road, Westcliff-on-Sea, ESSEX	£68,000	9.26%
Flat 79, Christchurch House, Streatham, LONDON	£95,000	10.11%

Investment properties that failed to sell but were available after the sale

Landlords should note that properties that do not sell on the day at auction are frequently available afterwards in which case it is often possible for a landlord to do a deal. Clearly the vendor is keen to sell hence presenting the investment property for sale. Investment properties frequently remain available several days and weeks after the sale has closed.

An example of an investment property that failed to sell at auction but was then sold afterwards was Flat 21 Paxton House, Morecambe Street, Walworth, SE17 sold by Andrew & Robertson on the 5th June for £132,000 with rent of £10,380 pa. An investment property which was still available after auction was a studio flat at 11B Eardley Road, Streatham, SW16. Unsold but available at £178,000 with a rental income of £13,260.

Other examples:

Address	Available	Projected yield
92-94 Friary Road, Peckham. SE15	£130,000	6.39 %
Flat 17, Drake House, London E1	£195,000	8.62%
Stokes Court, Bond St, Leicester. LE1	£600,000	7.09%

Properties coming up for auction

Here is just a brief selection of the thousands of investment properties coming up for auction near you. Landlords should note that the guide price is not a valuation but an indication of what the property could fetch at auction; the reality is property could go for more or less but frequently the auctioneer will put a conservative guide on the property to generate interest amongst buyers and also so that the vendor is not disappointed and is more likely to sell. How about a garden apartment in booming Fareham Hampshire? Guide price £110,000 which sold in June 05 for £175,000. Alternatively, there is Flat1 Kelso Heights which sold for £190,000 in March 06 is now guided at £65,000 plus.

Other properties available:

Address	Guide	Sold	Price
302, The Bar, Newcastle	£90,000	Sep 06	£157,500
16 The Beeches, Slough. Berks	£110,000	Dec 06	£110,000
12 Block A, Pollard Street. Manchester	£89,000	Dec 05	£89,000

What do you think about this property auction feature?

This feature on auction properties is something we plan to do on a regular basis in the coming weeks as the slowdown in the property market throws up more a more genuine property investment bargains. Tell us what you think – is it useful?

Finally it is rumoured that with of some of the yields now on offer even Rigsby is contemplating putting his hand in his pocket to invest. He has put his cheque book away over the last few years scared off by silly prices!

FREE PROPERTY MANAGEMENT SOFTWARE

FREE SOLICITOR PREPARED TENANCY AGREEMENT