February 2008 sees the auction houses start up again for what looks to be a busy year ahead - there are two well know local property auctioneers who hold regular auctions and advertise in the local press, namely:
Tops
Brown & Co.
They will be joined by a third, William H. Brown (part of the Sequence group) who are opening a new auction house at Barnham Broom Hotel & Country Club - the first auction takes place on Thursday, April 17, 2008.
Sequence (William H. Brown)
There are other auction houses outside of Norfolk that sometimes feature Norwich/Norfolk property, eg:
Savills
Barnard Marcus
Halifax
Note - Barnard Marcus is also part of the Sequence group, so it seems likely that Norwich/Norfolk property will in future be listed with William H. Brown come April. For other auctioneers and to find local property that might not be listed with any of these, then it's worth looking at the Essential Information Group website and registering to gain full access (assuming it's free)
Essential Information Group
Full Version: Norwich & Norfolk Property Auctions
Savills residential property auction - Monday 11th February 2008
Savills
Monday sees a number of Norwich properties go to auction, so it will be interesting to see what these go for:
Lot 48 - 7 Park Road, Wroxham, Norwich, Norfolk (Guide Price £100,000+)
Lot 94 - 27 Cyprus Street, Norwich, Norfolk (Guide Price £100,000+)
Lot 95 - 42 Brettingham Avenue, Cringleford, Norwich, Norfolk (Guide Price £220,000+)
Lot 103 - 41 Newmarket Street, Norwich, Norfolk (Guide Price £120,000+)
Lot 104 - 45 Newmarket Street, Norwich, Norfolk (Guide Price £95,000+)
Lot 107 - 64 Gloucester Road, Norwich, Norfolk (Guide Price £120,000+)
Lot 103 and 104 were almost certainly owned by the same person as they are within a few yards of each other (opposite and next to the hairdressers on the corner) and both seem to have had a recent fresh coat of white paint. Maybe lot 107 was also owned by this person as it is round the corner next to the fish and chip shop - looking at the condition of it, was this the next renovation project before the cash ran out?....
Savills
Monday sees a number of Norwich properties go to auction, so it will be interesting to see what these go for:
Lot 48 - 7 Park Road, Wroxham, Norwich, Norfolk (Guide Price £100,000+)
Lot 94 - 27 Cyprus Street, Norwich, Norfolk (Guide Price £100,000+)
Lot 95 - 42 Brettingham Avenue, Cringleford, Norwich, Norfolk (Guide Price £220,000+)
Lot 103 - 41 Newmarket Street, Norwich, Norfolk (Guide Price £120,000+)
Lot 104 - 45 Newmarket Street, Norwich, Norfolk (Guide Price £95,000+)
Lot 107 - 64 Gloucester Road, Norwich, Norfolk (Guide Price £120,000+)
Lot 103 and 104 were almost certainly owned by the same person as they are within a few yards of each other (opposite and next to the hairdressers on the corner) and both seem to have had a recent fresh coat of white paint. Maybe lot 107 was also owned by this person as it is round the corner next to the fish and chip shop - looking at the condition of it, was this the next renovation project before the cash ran out?....
Good links, Catflap.
Like you say, it'll be very interesting to see what they reach. I'm presuming there will be a reserve price of some kind.
Some of the guide prices still sound like silly money to me, especially when there's that 'requires updating' thing hanging over your head.
Good post. Thanks for digging around.
Like you say, it'll be very interesting to see what they reach. I'm presuming there will be a reserve price of some kind.
Some of the guide prices still sound like silly money to me, especially when there's that 'requires updating' thing hanging over your head.
Good post. Thanks for digging around.
No problems - I hope others here find it useful. Here's the results of the Savills auction:
Lot 48 - 7 Park Road, Wroxham, Norwich, Norfolk (Guide Price £100,000+) SOLD £124,000
Lot 94 - 27 Cyprus Street, Norwich, Norfolk (Guide Price £100,000+) SOLD £123,000
Lot 95 - 42 Brettingham Avenue, Cringleford, Norwich, Norfolk (Guide Price £220,000+) SOLD £230,000
Lot 103 - 41 Newmarket Street, Norwich, Norfolk (Guide Price £120,000+) SOLD £138,500
Lot 104 - 45 Newmarket Street, Norwich, Norfolk (Guide Price £95,000+) SOLD £141,500
Lot 107 - 64 Gloucester Road, Norwich, Norfolk (Guide Price £120,000+) SOLD £135,000
Nethouseprices shows us that neighbouring 41 Brettingham Avenue sold for £242,000 in July 2004 although it's impossible to know whether it is a similar type/size without going out there to look!.....
Neighbouring 42 Newmarket Street sold for £203,100 in June last year and that number 44 sold for £195,000 in October - obviously the two sold at auction are going to need some work doing to them, but what's that going to cost? £5k to £15k perhaps with a bit of DIY as well?
Neighbouring 67 Gloucester Street sold for £189,959 last October but the house sold at auction looks to need more than a lick of paint and was described as being presented in a poor decorative order.
Lot 48 - 7 Park Road, Wroxham, Norwich, Norfolk (Guide Price £100,000+) SOLD £124,000
Lot 94 - 27 Cyprus Street, Norwich, Norfolk (Guide Price £100,000+) SOLD £123,000
Lot 95 - 42 Brettingham Avenue, Cringleford, Norwich, Norfolk (Guide Price £220,000+) SOLD £230,000
Lot 103 - 41 Newmarket Street, Norwich, Norfolk (Guide Price £120,000+) SOLD £138,500
Lot 104 - 45 Newmarket Street, Norwich, Norfolk (Guide Price £95,000+) SOLD £141,500
Lot 107 - 64 Gloucester Road, Norwich, Norfolk (Guide Price £120,000+) SOLD £135,000
Nethouseprices shows us that neighbouring 41 Brettingham Avenue sold for £242,000 in July 2004 although it's impossible to know whether it is a similar type/size without going out there to look!.....
Neighbouring 42 Newmarket Street sold for £203,100 in June last year and that number 44 sold for £195,000 in October - obviously the two sold at auction are going to need some work doing to them, but what's that going to cost? £5k to £15k perhaps with a bit of DIY as well?
Neighbouring 67 Gloucester Street sold for £189,959 last October but the house sold at auction looks to need more than a lick of paint and was described as being presented in a poor decorative order.
TOPS residential property auction - Thursday 14th February 2008
TOPS
These are the only ones going to auction in Norwich tomorrow:
Lot 2 - 62 York Street, Norwich, NR2 2AW (Guide Price £160,000 - £180,000)
Lot 3 - 83 St Leonards Road, Norwich, NR1 4JW (Guide Price £100,000 - £120,000)
Lot 8 - 24 East Hills Road, Costessey, Norwich, NR5 0PE (Guide Price £110,000 - £130,000)
Lot 24 - 508 Earlham Road, Norwich, NR4 7HR (Guide Price £180,000 - £200,000)
Lot 25 - 7 Yew Court, Sprowston, Norwich, NR7 8LQ (Guide Price £120,000 - £140,000)
TOPS
These are the only ones going to auction in Norwich tomorrow:
Lot 2 - 62 York Street, Norwich, NR2 2AW (Guide Price £160,000 - £180,000)
Lot 3 - 83 St Leonards Road, Norwich, NR1 4JW (Guide Price £100,000 - £120,000)
Lot 8 - 24 East Hills Road, Costessey, Norwich, NR5 0PE (Guide Price £110,000 - £130,000)
Lot 24 - 508 Earlham Road, Norwich, NR4 7HR (Guide Price £180,000 - £200,000)
Lot 25 - 7 Yew Court, Sprowston, Norwich, NR7 8LQ (Guide Price £120,000 - £140,000)
Resuts:
Lot 2 - 62 York Street, Norwich, NR2 2AW (Guide Price £160,000 - £180,000) SOLD £162,000
Lot 3 - 83 St Leonards Road, Norwich, NR1 4JW (Guide Price £100,000 - £120,000) SOLD £110,500
Lot 8 - 24 East Hills Road, Costessey, Norwich, NR5 0PE (Guide Price £110,000 - £130,000) SOLD £115,000
Lot 24 - 508 Earlham Road, Norwich, NR4 7HR (Guide Price £180,000 - £200,000) SOLD £229,500
Lot 25 - 7 Yew Court, Sprowston, Norwich, NR7 8LQ (Guide Price £120,000 - £140,000) SOLD £140,000
I don't think it will be long before north city terraces are going at auction for less than £100k - maybe towards the end of the year.
Lot 2 - 62 York Street, Norwich, NR2 2AW (Guide Price £160,000 - £180,000) SOLD £162,000
Lot 3 - 83 St Leonards Road, Norwich, NR1 4JW (Guide Price £100,000 - £120,000) SOLD £110,500
Lot 8 - 24 East Hills Road, Costessey, Norwich, NR5 0PE (Guide Price £110,000 - £130,000) SOLD £115,000
Lot 24 - 508 Earlham Road, Norwich, NR4 7HR (Guide Price £180,000 - £200,000) SOLD £229,500
Lot 25 - 7 Yew Court, Sprowston, Norwich, NR7 8LQ (Guide Price £120,000 - £140,000) SOLD £140,000
I don't think it will be long before north city terraces are going at auction for less than £100k - maybe towards the end of the year.
This is all good news - it used to be that we'd get excited (or I would at least...) about the TOPS auction, sure that the economic climate would show in that auction, and invariably the final prices would be considerably over the guide.
It looks like that's changing - all but one selling for within the guide range - and most at the bottom end.
It looks like that's changing - all but one selling for within the guide range - and most at the bottom end.
Welcome Matt - there's 11 2/3 bedroom terraces in that auction which have been the favourite for Norwich buy-to-let 'investors'. About 1/3 of all property going to auction is BTL property so I suspect the majority of these are just that. It shall be interesting to see what these go for as they do set new margin prices in the area - the Newmarket Road one is opposite the Unthank Arms I think and is the one that I've got my eye on, because it's a typical GT terrace in that street. A quick check on Nethouseprices.com shows that some of the properties at the city end went for around £200k last year at the peak of the bubble - I'll try and find out which number it is.
I've had a quick look at the properties in the auction near where I live - Aylsham/North Walshm and found that there's two on there which have been for sale at higher prices for quite sometime now and the house in Aylsham in Red Lion Yard, number 6 is up for gp 100-110k - number 5 (which is identical) sold for £138K in feb 07 - so will be very interesting to see what it goes for.
Thanks for the welcome, Catflap.
QUOTE (CATFLAP @ Feb 12 2008, 10:38 PM) 
Lot 104 - 45 Newmarket Street, Norwich, Norfolk (Guide Price £95,000+) SOLD £141,500
Looks like the person who bought the above property is trying to flip it for a quick profit.
http://www.rightmove.co.uk/viewdetails-197...49&tr_t=buy
So it's on for £164,950 - I'm sure it will sell reasonable quickly even if it goes for a bit less. It should leave a nice profit of £10K to £20k that will be taxed at the new CGT flat rate of 18% when it goes through in the new tax year - money goes to money and the rich get richer. No need to graft away in a full-time job and pay 11% national insurance and 20% tax - just flip a couple a couple of houses each year. No wonder this nation is so obsessed with making money from property, it's easy money as long as you know what you are doing and you pay less tax.
QUOTE (CATFLAP @ Mar 14 2008, 11:18 PM)
Looks like the person who bought the above property is trying to flip it for a quick profit.
http://www.rightmove.co.uk/viewdetails-197...49&tr_t=buy
So it's on for £164,950 - I'm sure it will sell reasonable quickly even if it goes for a bit less. It should leave a nice profit of £10K to £20k that will be taxed at the new CGT flat rate of 18% when it goes through in the new tax year - money goes to money and the rich get richer. No need to graft away in a full-time job and pay 11% national insurance and 20% tax - just flip a couple a couple of houses each year. No wonder this nation is so obsessed with making money from property, it's easy money as long as you know what you are doing and you pay less tax.
http://www.rightmove.co.uk/viewdetails-197...49&tr_t=buy
So it's on for £164,950 - I'm sure it will sell reasonable quickly even if it goes for a bit less. It should leave a nice profit of £10K to £20k that will be taxed at the new CGT flat rate of 18% when it goes through in the new tax year - money goes to money and the rich get richer. No need to graft away in a full-time job and pay 11% national insurance and 20% tax - just flip a couple a couple of houses each year. No wonder this nation is so obsessed with making money from property, it's easy money as long as you know what you are doing and you pay less tax.
I'm sure that the seller would have to pay CGT if it wasn't his/her main residence?
Looks like a disused corner shop next door that is crying out to be turned into a house.
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