Latest property auction raises nearly £1m – including Sheffield semi-detached home for £75k

Since the start of the pandemic, live stream sales at Auction House South Yorkshire have achieved a 95% average success rate.

Auctioneers say virtual auctions are here to stay and at its recent sale, last month on Thursday, July 29, 2021, all 15 lots offered sold, raising just under £1m (£935,499).

Sheffield is a particular hotspot for property buyers, and Lot 1 attracted plenty of interest ahead of the day.

A three-bedroom semi on Greengate Road in the city needed total refurbishment, having stood empty for a number of years.

There were no viewings possible in person, and all bidders had taken a virtual tour of the property online before the auction. It sold for £114,500, which was above its reserve price, having started with a guide of £85,000-£95,000.

Auction House South Yorkshire Area manager Sam Harris said: “To buy virtually is no longer unusual – particularly where a property has potential and is in a coveted location, such as with this home in Sheffield.

“There is a very limited amount of stock in the property market generally, and with the auction system, there is a certainty of sale and no chance of being gazumped as there is in a private treaty transaction. When the virtual hammer goes down, the property has exchanged, and the vendor has the security of an instant 10% deposit.”

Another lot that fired the imagination of buyers was at Westnall Terrace, Sheffield, where bidders had clearly spotted its potential – the three-bedroom semi on a corner plot had a large wrap around garden; It was guided at £45,000-£75,000 and sold for £75,000.

Sam Harris added, “The market is still hot with buyers, and well-priced properties and those in need of improvement are particularly attractive. At the moment, it’s a seller’s market for any type of property, and everything from land to refurbished homes is finding a buyer!”

A basement room at Phoenix Court, Maltby, in South Yorkshire was just a shell with planning to create a one-bedroom apartment. It was guided at £15,000-£25,000 and sold for £28,000.

The auction also found a keen buyer for an end of terrace house with four bedrooms that was sold for £66,500.

Entries are already being accepted for the Auction House South Yorkshire’s next live stream auction, next month to be held on Thursday, September 16, 2021.

The next auction will feature a three-bedroom end of terrace property in a desirable Sheffield location that has been partially refurbished throughout.

The property is located on Rothay Road in Grimesthorpe, a popular suburb of Sheffield and benefits from nearby local amenities and transport links into the City Centre.

It would suit a developer who could potentially complete the project and sell on or rent out.

The guide price is listed between £25,000 and £30,000.