Resurgence of land auctions begins across England

Public land auctions are beginning to take place again, following an 18-month Covid-19 induced lull, and demand remains firm.

The number of online auctions increased considerably during the past year, although many sellers have reportedly held out for the return of in-person sales.

Selling a property at auction has several benefits for vendors, including the potential for a quick sale while maintaining a reserve price to ensure market value is achieved.

See also: Move to online ordering drives demand for development land

An auction can also help to muster competition when multiple bidders are present, potentially resulting in higher prices, and it is the most transparent method of sale.

North of England

Demand in the North East and North West remains strong, with properties often selling for more than their asking price at auction.

Land values have increased, with average prices rising for all land types compared with pre-pandemic levels. Best quality land in the region has climbed from £10,000/acre to £12,000/acre.

Thomas Armstrong, director at H&H Land & Estates, said: “Traditionally the lead-in time for [marketing] a property auction is six to eight weeks. Therefore, due to Covid-19 restrictions, we have only recently been able to get going with public auctions again.

 “We have recently held two auctions which have both been a resounding success, suggesting the land market is moving to new levels. Land at Blindcrake, Cockermouth, sold at unprecedented levels on 14 July, going for 35% above the guide price at £945,000.”

The Land at Blindcrake consisted of 114 acres of grassland, sold as four lots.

South West

In the South West, some land has been fetching more than £14,000/acre at public auction.

Thomas Rattray, director at Kivells, said: “The spotlight’s on Cornwall’s A39 corridor, where property with land, and property near the coast, are most sought after, with Highway Farm meeting both of these purchaser criteria, resulting in some strong sale prices.”

Sold at auction

Highway Farm © Kivells

Highway Farm, Poundstock, North Cornwall, a mixed arable and pasture land farm, was sold in seven lots at public auction by Kivells on 4 August. All lots in this executor sale achieved well over their asking price.

The first lot with the house and 14.36 acres sold for £400,000 (guide £325,000). Lot two, buildings and 25.47 acres, sold for £440,000 (£225,000 guide), while the third lot of 8.86 acres sold for £90,000, guided at £50,000.

A barn and 23.5 acres had a guide price of £175,000 and went under the hammer for £335,000, while just over 28 acres with a guide price of £180,000 sold for £400,000. The final lot of 7.56 acres sold for £65,000, which was £20,000 above its guide. 

Properties coming to auction

Hallworthy Farm © Kivells

Hallworthy Farm, Camelford, is for sale with Kivells by public auction on 13 October. The farm is being sold as four lots and includes permanent pasture, outbuildings, and a house in need of restoration.

The house, farm buildings and 3.24 acres has a guide price of £550,000, while 82.41 acres of grassland is guided at £575,000. Two further lots include 18.43 acres of arable land at £150,000 and 0.44 acres of land and an outbuilding at £25,000.

Small plots of land at auction

H&H Land & Estates is selling several small parcels of land on 12 October at Kirkby Stephen Auction Mart.

Land at Hartley © H&H Land & Estates

The auction includes a four-acre grazing field at Hartley, near Kirkby Stephen, Cumbria.

Land at Brough © H&H Land & Estates

Another lot for sale is a single field enclosure of productive mowing/grazing land, extending to four acres, near Brough.

Director Thomas Armstrong said: “With a guide price of £30,000 and £40,000, respectively, the H&H Land & Estates team are hoping again for high levels of interest.”