John Pye Property saw nine different parties battling it out for a three-bed home in its last property auction at a time when buyers are reported to be outstripping supply for smaller homes.
The Broxtowe property proved to be popular under the online hammer in John Pye’s September auction with new buyers and investors battling it out in a bidding war.
Situated in Coleby Road, the three-bed semi-detached property was sold for £61,781 – £6,781 over the guide price.
Richard Reed MRICS, head of the John Pye Property division, said: “With the recent news that the demand for smaller homes is outstripping supply, we saw evidence of this in our last property auction.
“The Broxtowe property proved extremely popular with investors who are quickly recognising the change in market and used the ease of our online auction model to snap up this great investment opportunity.”
Asking prices for typical first-time-buyer properties jumped by 4.9 per cent as high demand from both first-time buyers and investors looking to profit from soaring rents, combined with a shortage of smaller properties.
The statistics were revealed on Rightmove this month. Over the year, first-time-buyer homes have risen by almost 10 per cent, far outstripping the overall annual rise of 5.6 per cent for all property types.
John Pye Property is the first in the UK to take its residential and commercial auctions entirely online. The growing auction house has recorded its highest number of lots and a record number of bidders to date with interest as far as Cornwall, London, the midlands, USA, Canada and Dubai.
John Pye will be holding its next online auction between Thursday 19 November and Thursday 26 November. Visit www.johnpye.co.uk
To read more on Rightmove’s statistics visit http://reut.rs/1PsD9bH