GOING ONCE, GOING TWICE – SOLD!

A flying start to the year for our Cumbria office with a successful collective land auction bringing out crowd of buyers.  With a mix of agricultural and investment purchasers demand was strong which saw land achieve good values at our sale on 27^th February 2024, at Crooklands Hotel.

Offered to the market were three blocks of land including 28.10 acres of land at Clawthrope, Nr Carnforth, 32.40 acres of land at Barber Green, Grange Over Sands and 7.04 acres of land at New Hutton, Kendal.  With a sale agreed prior to auction on the 28.10 acres only two parcels went under the hammer on the evening.  The sales brought good values in a competitive environment, resulting in the best possible price for the clients and completion four weeks later.

Auctioneer Paul Dennis comments ‘the land at New Hutton was met with spirited bidding from both local farmers and investors.  The bidding commenced at around the guide price and proceeded briskly through the £100,000 mark before finally settling and being knocked down at £117,000 (approx. £16,666 per acre).  In addition to the successful purchaser there were several other local farmers and potential purchasers who would have returned home empty handed.’ 

This parcel of land was swiftly followed by the sale of the land at Barber Green with the Auctioneer commenting ‘Bidding moved forward quickly from a starting point just below the guide price and concluded with the land being knocked down at £320,000 (£9,876 per acre).   On this occasion the principal bidders were investors who continue to see agricultural land as a good investment due to potential capital growth and tax benefits.’   

Auctions can be a daunting prospect, but the transparency and speed of the process is often beneficial to both buyers and sellers. The competitive atmosphere can result in a higher than expected price being achieved and a swift completion can simplify the conveyancing process.

Further Auctions will be held later in the year, and we invite purchasers to get in touch to discuss entering.  If you are unsure if Auction is the right method of sale for your rural property, our agency team are here to advise you.