Bagshaws ran their Property Auction at Uttoxeter Racecourse on Wednesday 9th August with six lots going under the hammer, ranging from 1.6 acres of land on the outskirts of a village, up to a 13.97 acre smallholding at Belper, with a temporary mobile home and planning consent for range for farm buildings, as well as a detached stone property in need of modernisation, with pastureland and buildings, in over 4 acres.
A well-attended room greeted those lots on offer with all buyers registering to bid in advance of the sale commencing. With contracts being available to purchasers before the auction date it meant that any successful purchasers would be able to exchange contracts on that day with the completion date being set 28 days thereafter.
Following competitive bidding, successful sales were achieved on three lots, with the other three entered unfortunately not meeting their reserve prices. The opening lot of 1.6 acres of land at Corner field, Dalley Lane, Belper Lane End, attracted spirited bidding and achieved £82,000 (£51,250 per acre). Lot 3, Weir Meadow, Baswich Lane, Stafford, which comprised 3.10 acres of pastureland adjoining River Sow sold for £31,000 (£10,000 per acre). Next Lot 4, another small parcel of pastureland of 2.44 acres at Lower Lane, Chorley, Lichfield, attracted interest and bids from a number of parties, eventually reaching its conclusion, selling for £78,000 (£31,967 per acre).
As always, this auction shows the benefit of the traditional auction system whereby the property is offered on the day and a signature on the contracts is achieved with a completion 28 days thereafter. If you would like advice on whether your property would be suitable for an auction, then please contact your local office or one of our experts to discuss the matter with you.
The next property auction is scheduled for Monday 25th September at Bakewell Market.
The Auctioneer for the day was Malcolm Gale.