Nottingham property agent heb celebrated its busiest auction in two years with over three hundred people packed into the auction room buying 86 percent of the lots offered.

Partner and auctioneer Matt Hilton said "There was a real buzz in the auction room with sale prices achieving around 12 percent above the published guide prices.  

"We were expecting a busy day following strong interest and increased viewing figures prior to the sale however, the amount of people turning up on the day did catch us by surprise. Before the sale started we had to bring in extra chairs and at one point people had to wait in the legal area as there was physically not enough space for everybody in the auction room".

Of particular interest at the auction was 222 Ilkeston Road which was a fire damaged property. The property had severe damage but sits in a very prominent position. 

"This property is effectively a shell but buyers could obviously see the potential of the property and the benefits of its location. Prior to the auction, interest in this property was extremely high and we had scores of viewings. There was some aggressive bidding on the day and the property sold for over three times the guide price."

The excellent sales results mirror national statistics provided by the Essential Information (EI) Group which show that auction results have been increasing during the last quarter. It is also believed that the volatile stock market, particularly in the proceeding days to the auction, had an effect as people have confidence again in the property market.  

Other interesting lots included 119 Porchester Road which was being sold on behalf of receivers and included a house and workshop. Again, significant interest had been shown prior to the auction and a number of interested parties drove the price to £141,000 which was significantly in excess of the guide price of £100,000. This just goes to show that auctions can work extremely well for the right property often achieving more than traditional private treaty sales.

Matt added: "Lots particularly suited for auction sales include unusual properties or those with structural faults or fire damage. These are properties which are in a poor state of repair and seem to attract builders and developers; those people who are professional property buyers with cash funds and realise that auctions are an excellent trading environment, with the speed and simplicity of the transaction process only adding to the appeal."

Following last week's sales, heb has raised almost £6 million from auction sales alone this year, and is hoping this interest will continue at the next auction on the 12 October.

The next heb auction will take place on Wednesday 12 October at Nottingham Gateway Hotel, Nuthall Road, Nottingham NG8 6AZ at 2.30pm. For more information, contact Matt Hilton on 0115 9506611.