Romans achieved its highest capital value sold at an auction so far this year, with a majority of the lots selling for significantly higher prices than their reserves.

A varied catalogue of interesting lots ensured that bidders experienced the busiest sales room of the year at the Green Park Conference Centre in Reading, with over 250 buyers packing the room. Fierce bidding resulted in most of the catalogue being sold, with several post-auction deals still to be done.

“This was the first auction we have held since the introduction of the ‘additional homes’ Stamp Duty tax in April, but demand in the room was stronger than ever” comments Simon Clayton, Romans’ Auctions Director.

“I’m pretty sure that any additional costs investors now face will be quickly absorbed by the continuing rise in house prices over the longer term, due to the on-going short supply of property.”

One of the most popular lots of the day was a two bedroom terrace on Victoria Road in Marlow which sold for £406,000; an impressive £91,000 above its guide price. Although it requires improvement the fantastic location offers good investment potential which proved to be attractive for many bidders.

Several lots were available in the Reading area, including a three bedroom terraced house requiring extensive renovation on Edgehill Street which sold for £240,000 from a guide of £165,000. There was also a vacant commercial building on Oxford Road with planning permission for four apartments and a ground floor retail space which sold for £575,000, an incredible £205,000 more than its guide price.

Down the road in Caversham a period detached house on Henley Road, ideal for owner occupation and offering good access to the centre of town and local schools, sold for £381,000, which is £31,000 more than its guide.

A freehold semi-detached house on Waterloo Road in Aldershot was sold subject to a regulated tenancy producing a rent of £8,320 per annum. After some fierce bidding the property eventually sold for £192,000 on a guide of £150,000, which is the equivalent of a gross yield of 4.33% per annum.

Located in a popular residential area, a detached three bedroom house on Downsland Road in Basingstoke successfully sold for £300,000 from a guide of £260,000.

Simon adds: “We again witnessed great demand for quality stock and we expect this to continue throughout the year.”