Successful property auction signals high demand

A property auction in Huddersfield has received a 100 per cent success rate in terms of sales.

Held by Walker Singleton Chartered Surveyors, the auction included a mixture of commercial property, land, residential housing and farm buildings. Everything was sold following a period of competitive bidding.

Collectively the ten lots raised £1.84 million. But the star item on the list was deemed to be the Grade II listed building, Fixby House at Spinneyfield Fixby, which sold for £265,000.

Steve Molloy, partner with Walker Singleton, told the Huddersfield Daily Examiner: "We also had 80 parties view a one-bedroom dilapidated cottage at Newsome prior to sale which achieved £36,000. It just shows that there are a large number of investors sitting on cash awaiting the right opportunities."

The sale comes as a report from Investment Property Databank Ltd (IPD) found that UK commercial real estate values fell for the 17th straight month. A decline in retail property led the drop. The average value of stores, warehouses and offices dropped by 0.2 per cent between February and March the report stated.

Phil Tily, managing director with IPD, told Bloomberg: "We are still seeing subdued returns adversely affected by negative capital movements outside of London.

"Though the UK economy has managed to avoid a triple-dip recession, it is nevertheless going to be a long road to recovery for the commercial property sector."

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