Auction House East Anglia held its seventh auction of the year on Wednesday, October 26, selling 49 lots and raising over £7.5 million.

There were 182 registered bidders and thousands of people watching the five-hour auction - including some from across the globe.

But Robert Hurst, auction surveyor, suggests that mortgage fears are already affecting the market, with increases in interest rates causing some landlords to sell up.

“The rise in interest rates is having a significant impact on the mortgage market and means more buy-to-let landlords and investors are deciding to divest themselves of part or all of their portfolio, and the most obvious route for them is by auction," he says.

“The speed and certainty offered by the auction process helps sellers overcome some challenges.

"Within the private treaty market valuations are being downgraded by lenders and deals are taking longer to complete. This is another reason why people prefer auction as buyers and sellers like the speed and certainty of the process and the deal is done on the fall of the hammer.

“This is also an excellent opportunity for buyers as there are some very good value properties available, often with significant rental yields or the opportunity for capital gain.

“There were plenty of opportunities in our October auction. The highest priced lot of the day was a four-bedroom detached house on Henby Way in Norwich which sold for £401,000. The lowest priced lot was a small parcel of land on an industrial estate off Bull Lane in Acton, Suffolk, which sold for £31,000."

A mixture of lots including residential, commercial and land went under the hammer and some of the sales include:

  • A Grade II listed city centre freehold building comprising of a let shop and vacant duplex apartment requiring refurbishment on St Benedicts Street in Norwich sold for £194,000.
  • A bay-fronted hall entrance terrace divided into two self-contained flats, one let, one vacant, on Park Lane in Norwich, sold for £310,000.
  • A vacant two-bedroom terrace requiring modernisation on Bevan Street West in Lowestoft sold for £81,000.
  • A detached freehold public house with three-bedroom living accommodation above on Hall Road in Norwich sold for £250,000 plus VAT. A detached building to the rear arranged as two flats with planning permission to redevelop into three flats sold as a separate lot for £130,000 plus VAT.
  • A three-bedroom semi-detached house let producing £700 pcm (£8,400 pa) and a vacant two-bedroom semi-detached house off Hotblack Road in Norwich sold as one lot for £316,500.
  • A let second-floor one-bedroom flat producing £535 pcm (£6,420 pa) off Carrow Hill in Norwich sold for £95,000.

  • A landmark Grade II* commercial property on Princes Street in Norwich sold for £360,000 plus VAT.
  • A riverside amenity plot with boathouse off Colney Lane in Cringleford sold for a combined £40,000.
  • A converted property comprising three separate flats, two of them currently let producing £9,360 pa (£780 pcm) on Gaywood Road in King's Lynn sold for £146,000.
  • A three-bedroom semi-detached house off Popes Lane in Terrington St Clement sold for £150,000.
  • A quarter of an acre parcel of amenity land with a timber building off Low Road in Forncett St Mary sold for £166,000.
  • A three-bedroom former local authority semi-detached house requiring improvement on Swan Lane in Long Stratton sold for £218,000.
  • A three-bedroom hall entrance cluster-style modern town house requiring refurbishment off St Johns Way in Thetford sold for £124,000.
  • A boatyard situated on the River Yare with 250 ft quay heading, 4,000 sq/ft boatshed/workshop, clubhouse and viewing tower in Langley sold for £176,000.
  • A two-bedroom ground floor off Foxley Road in Bawdeswell sold for £64,500. A two-bedroom first-floor flat in the same block sold as a separate lot for £61,000.
  • A two-bedroom semi-detached cottage set in a third of an acre in need of updating on Pockthorpe Lane in Thompson sold for £234,000.
  • A four-bedroom detached bungalow set in 1.25 acres off Old Mill Road in Roughton sold for £382,000.
  • A large retail premises with planning permission for nine flats and a retail unit on St Augustine's Street in Norwich sold for £322,000.
  • A four-bedroom end terrace house on Southampton Place in Great Yarmouth sold for £136,000.
  • A three-bedroom hall entrance terrace house on Devonshire Road in Great Yarmouth sold for £114,000.
  • A three-bedroom terrace house requiring modernisation on Garfield Road in Great Yarmouth sold for £106,000.

  • A three-storey four-bedroom town house requiring improvement and updating at Gordon Terrace in Great Yarmouth sold for £70,000.
  • A two-bedroom mid-terrace house requiring improvement off Standard Road in Great Yarmouth sold for £105,000.
  • A substantial town centre property with plans submitted for conversion to six flats, a shop and two town houses off Market Row in Great Yarmouth sold for £226,000.
  • A commercial investment comprising a High Street retail shop and separate office producing £16,000 pa in Lowestoft sold for £150,000.
  • A let six bedroom property producing £32,400 pa on Alexandra Road in Lowestoft sold for £243,000.
  • A hall entrance terrace house requiring modernisation on Beresford Road in Lowestoft sold for £137,000.
  • A three-bedroom terraced property on St Johns Road in Lowestoft sold for £99,000.

Auction House East Anglia is now taking entries for its final auction of the year on Wednesday, December 7, with a closing date for entries in early November.

If you have land or property that needs to be sold before the end of the year, call the auction experts on 01603 505100 for free impartial advice or contact the team at the website at

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