In the February 2010 Issue of Property Investor News
Auction Round Up
Mark Jenkinson and Son held its latest auction on 26th January in Sheffield United Football Club's ground. The auction had a success rate of 91%, selling 28 lots out of the 31 offered, raising Â£3,220,250.
Adrian Little, auction co-ordinator partner, said: "A few years ago when times were good and sales were strong, the firm would average around 90% sales success on each sale day and we have matched that. In some cases regular buyers are now seeing new faces bidding against them as people compete for lots in the knowledge that property investments have traditionally proved worthwhile in the longer term."
All the properties in the auction were located around the South Yorkshire region, from Oughtibridge to Worksop, Barnsley, Rotherham and Hope Valley. The majority however were in Sheffield.
Lot 1: Located in Hillsborough, Sheffield, a vacant three-bed, mid-terrace sold for Â£90,000 against a guide price of Â£78,000. According to the Rightmove website, comparable units can let for Â£460-500pcm, therefore if the investor achieved the median (Â£480pcm), they would receive a yield of 6.4%.
Lot 6: A two-bed, mid-terrace property located in Mexborough, South Yorkshire sold for its guide price of Â£40,000. The property is let on an AST and the investor will receive an annual rent of Â£2,860 which gives them a yield of 7.15%.
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