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Auctioneer ends on a high Land to £62,727 per acre

Tue 22 November 2016

Stags are pleased to announce that they had a successful final collective auction in Taunton for 2016 with 11 out of 13 properties being sold. This highlights the success of the auction system; it is quick and efficient, with purchasers able to acquire a property, exchange on the same day and complete, normally within four weeks. This is generally seen to benefit both seller and purchaser at a time when a lot of private treaty sales are grinding their way through the legal process of property purchase.

There was a considerable range of properties on offer, from a garage and studio in Wellington which made £62,000, a cottage for renovation in West Monkton which realised £305,000, to a semi detached bungalow at Burnham on Sea which was in need of modernisation and made £155,000. A range of buildings with 5.9 acres at Bickenhall sold for £190,000, with 20% VAT payable in addition to the purchase price, a bungalow with 9 acres of land at Churchstanton sold for £290,000, with 17.79 acres adjoining selling for £250,000 equating to £14,050 per acre, showing that the demand for agricultural land remains strong. The highlight of the afternoon however, was 2.2 acres of land at Hatch Beauchamp with an uplift clause should anyone obtain planning permission for any form of development. The land had a guide price of £50,000 with the bidding opening at £30,000 and eventually selling for £138,000 to a neighbour, which equated to £62,727 per acre.

The auction room at Taunton Racecourse was overcrowded with one of the largest crowds Stags has experienced at their regular collective sales at the racecourse. The auction was led by Michael Powell who was conducting his final collective property auction for Stags prior to retiring at the end of the current year. He commented that “having been conducting Stags auctions for over 30 years in Somerset servicing the Taunton, Wellington and Dulverton offices, together with Honiton in East Devon and Bridport and Yeovil offices, it was fantastic to end on a high with a successful auction, in particular the penultimate lot of 2.2 acres which realised £138,000 and the room drew a large breath when the hammer finally fell”.

Stags will be preparing their auction calendar for 2017 and if you have a property or land that you think is suitable for auction then please contact your local Stags office.

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