The appetite for land and development opportunities shows little sign of slowing, with buyers competing strongly for a range of lots at Cheffins' June property auction. From paddocks and amenity land to residential and investment opportunities, the latest sale demonstrated the continued appeal of auction property across the East of England. Strong bidding and prices achieved above expectations once again highlight the confidence many buyers have in well-located land and property assets, despite ongoing economic uncertainty. Let's take a closer look at what was on offer......
Strong Demand for Land and Development Opportunities at Cheffins June Auction
A series of land lots sold for healthy prices at the Cheffins’ property auction on 10th June. Hosted at the firm’s dedicated salerooms in the centre of Cambridge, the auction saw the highest number of bidders attending in person since the pandemic.
Leading the sale was 4.42 acres of grassland at Cardinals Green, near Horseheath, Cambridgeshire which was sold for £156,000 against an estimate of £100,000. This was followed by 1.18 acres of amenity land at Kirtling, near Newmarket, which achieved £142,000 - almost double its pre-sale estimate of £75,000, while 1.47 acres of garden land in Cottenham achieved a massive £106,000.
Ian Kitson, Director at Cheffins, comments: "Small parcels of land under five acres continue to generate considerable interest at auction. Whether buyers are seeking strategic plots with future development potential, grassland to extend existing holdings and provide additional space, or simply those looking to purchase garden or amenity land, demand remains exceptionally strong."
The sale also saw a series of residential, including a Victorian house in Meldreth, Hertfordshire, which needed full renovation but saw plenty of competition and sold for £460,000 to an owner occupier. Similarly, a Methodist Church in Toft saw very strong demand from a number of motivated parties, finally reaching £300,000.
Farmland also proved popular. Two separate parcels of arable land in Meldreth made £68,000 and £56,000 apiece. In the same village, a yard with a series of storage and workshop buildings was the most expensive lot of the day, when it sold for £550,000 to an investor.
Ian Kitson continues: "We were delighted to see such a busy saleroom. While online auctions have remained popular since Covid, there is still a real appetite for the traditional auction experience and the atmosphere it creates. The strong attendance reflected both the quality of the lots on offer and the increasing number of buyers turning to auction to secure renovation projects or expand their landholdings."
The next property auction at Cheffins will take place on Wednesday 23rd September.
If you own land or property in Cambridgeshire, Essex, Suffolk or Norfolk, and are considering selling, auction could offer a quicker and more certain alternative to the traditional market. You can request a free, no-obligation auction appraisal to find out whether your property might be suitable.