Latest online auction sees Essex land maintain 100 percent record

Written by: Paul Thompson on 16th April 2019

Latest online auction sees Essex land maintain 100 percent record

In the latest online property auction, a plot of land in Essex, sold on behalf of Homes England, maintained Pugh & Co’s 100 per cent success rate.

Homes England, the government agency responsible for increasing the number of new homes and the supply of public land, instructed Pugh & Co to dispose of a parcel of land on their behalf.  

The 4.18 acre site in Basildon, Essex was offered without any planning permission for a guide price of £14,000.

Following a comprehensive targeted marketing campaign, demand for the plot exceeded expectation and interest was attracted from more than 90 registered bidders across the UK. Over 119 separate bids were received and the land eventually sold for £148,500.

This follows other recent online auction successes for Homes England and maintains Pugh’s 100 per cent record online.

Paul Thompson, Managing Director, said: “We regularly sell land lots from across the UK at our market-leading room auctions, but this is the first parcel of land we have offered in Essex using our innovative online auction.”

“We are naturally thrilled to have retained our 100% online sales success rate, but we’re delighted by the level of interest generated for the client and how this translated into tangible bids throughout the auction.

“Land lots have performed exceptionally well of late, and the analysis contained within our review showed that over 70% of those offered last year sold for above their guide price.”

Follow this link to view the Pugh review, where over 600 auction sales were analysed.

Written by: Paul Thompson on 16th April 2019


About the Author

Paul is a Chartered Surveyor and member of the National Association of Valuers and Auctioneers (NAVA). He is also one of the few auctioneers in the country with a position on the RICS Real Estate Auction Committee.

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