Located off the Isle of Wight, the two island strongholds, named Spitbank Fort and No Man’s Land Fort, were originally constructed to repel French invaders during the 19th Century.
Both properties were up for auction at an initial asking price of £1,000,000 and, although the buyer's identity has remained anonymous, it’s been revealed that No Man’s Fort was sold for £1,120,000, Spitbank Fort for £1,010,000.
The speed and certainty of auctions
Unique properties such as these will always attract good interest and these types of clients appreciate the speed and certainty that selling by auction gives them.
However, Propertymark members in our auctioneering division are seeing a broader uptake of all types of property being sold at auction as more and more clients look for certainty of sale.
A positive auctioneering outlook
Our Q1 2024 Auctions Barometer report, which collected survey responses from NAVA Propertymark members across the UK, showed that 58% of members saw the number of lots available increase in Q1 2024 compared to Q4 2023.
In the first quarter of 2024, 94% of members stated that the number of lots achieving their reserve price stayed the same or increased compared to the previous quarter. Whilst 39% said the number of lots exceeding their reserve price increased compared to the previous quarter.
Auctions Barometer: Q1 2024
2024 has started well. In the Residential and Commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates. Catalogue numbers remain strong and registered bidder levels are also high. Our Fine Art and Chattels members report that 2024 has started buoyantly with plenty of bidders keen to get out of the blocks and acquire lots at all price levels and across all fields of collecting and furnishing.
Benefits of qualified advice
NAVA Propertymark Members are all qualified and can offer support and guidance on valuation and auction, with many having years of experience.
If you need a value or auctioneer, look for a Propertymark Protected expert. By using one of our members you are guaranteed to be consulting with a committed professional who will give you up-to-date advice and guidance.
