Sheffield auctioneer reports post-lockdown boom

A Sheffield online auction attracted £3.25m in sales after the lockdown – with all 24 lots being sold.

Auctioneers Mark Jenkinson and Son also sold a house at Upperthorpe, Sheffield, for £279,000, more than £100,000 above the guide price.

Adrian Little, head of the auction department at Mark Jenkinson and Son, in Norfolk Row, said: “Unmodernised houses sold very well. We acted in conjunction with a number of the region’s estate agents who see the benefit of selling ‘property with potential‘ by auction where there is a need to target builders, investors and cash buyers.

“The last few weeks have been exceptionally busy and clearly we are in a ‘post-lockdown’ boom as demand outstrips supply with builders, developers and investors desperate to secure their next project.

“Today’s sale provided firm evidence that the ‘auction option’ should be seen very much as a first option rather than a last restart for executors and trustees selling houses needing varying degrees of modernisation.”

The top price at the auction was £757,000 for an industrial ground rent offered on behalf of Hull City Council, achieving nearly double the guide price of £400,000.