The Royal Armouries in Leeds this afternoon is holding a property auction which included a property I was interested in buying. It's a five bedroom Victorian property in need of some modernisation and a bit of TLC. It's on the Headland and had a guide Price of £70,000. Of course when you sell at auction the seller doesn't get that and the buyer pays a bit more. I thought it must go for less than that since it's not as big nor as well located as say a property on Victoria Road that the Council recently offloaded for £60,000! Unfortunately some other bidders obviously didn't know about the depressed state of the Hartelpool property market and it went for over the guide price! I wonder who does their comparable? Obviously Hartlepool Council don't use anyone who might make realistic commercial estimates of value in the real world!
PS Freudian slip in the typing of this post that the spell checker picked up. In my last sentence I'd typed "Obviously not the same people as make comical estimates of value in the real world!
Steve,
ReplyDeleteNever trust the guide price. It's often set low in order to attract interest. There's a property here in Chertsey, recently at auction with a guide price of £125,000, that didn's sell because it didn't make the reserve of £147,000!