Member Article

Sellers delighted after selling land for 212% more

The recent results from the West Yorkshire Property Auction have revealed that it isn’t just properties that do well at auction. A plot of development land in Bradford went under the hammer with partner estate agent Your Move Roebuck Residential and sold for a remarkable 212% over its starting price.

The development land was available with planning permission for a pair of semi-detached properties in the popular residential area of Heaton. The owners began their sale with a starting price of £12,500 and after a large volume of interest, the property sold for £26,500 over the start bid.

The owners were incredibly pleased with their sale, commenting:

“We are so relieved that the land has sold, iam-sold took away all of the stress that comes with selling. We are very pleased!”

Why is auction a great route to sell development land?

Auction has always offered a popular solution to buying and selling development land. iam-sold and their partner estate agents provide a modern, innovative way for buying or selling auction properties and development land. Using intelligent marketing techniques and communicating with a huge database of local investors, iam-sold deliver the right exposure for any development land, as well as providing fixed timescales to exchange and complete the sale.

iam-sold’s modern take on auction provides a transparent method of sale, ensuring fair market value is achieved. This particularly appeals to banks, receivers, local authorities who have a duty of care to achieve fair market value.

Steve Willcox, manager of the Commercial and Land Department explained why the land in Bradford was so successful:

“The main reason the land on Haworth Road was so popular was due to the pricing strategy we used. The starting bid was at such a competitive level that we became inundated with interest, which was apparent on the night of the auction and from the result the sellers achieved.”

Further to the success of the development land, the West Yorkshire Property Auction sold 88% of properties available with over 160 people attending the live event at the end of January. The total value of properties sold was a substantial £2,993,775, with a 10% increase in the sale conversion rate on January 2014.

Regional sales director Tom Bailey commented:

“I am delighted with the results we have delivered for our clients. Despite the poor weather conditions on the day, buyers turned out in good numbers and there was a lot of competition on a number of lots. The fact 88% of our properties sold at our auction just shows that our auction methods are becoming more and more desirable within the property market.”

For more information, contact Leanne Radford on 0845 5193 126 or Leanne.radford@iam-sold.co.uk

This was posted in Bdaily's Members' News section by IAM Sold .