Table of Contents
- Auction Properties In East Anglia
- Property Prices In East Anglia
- Where Should You Look For Auction Properties in East Anglia?
- Auction Properties in East Anglia FAQ
- What Type Of Auction Property In East Anglia Should You Look For?
- Five Good Reasons To Buy Auction Properties In East Anglia
- Some Final Thoughts About Buying Auction Properties In East Anglia
Auction Properties In East Anglia
The Best Way To Buy Auction Properties In East Anglia
The East of England is very scenic and has a diverse economy, small villages, ancient market towns and three large cities all of which have made this a very popular choice for anyone who is looking at buying auction properties in East Anglia. Cambridge is a university city with a large student population for much of the year and this has encouraged investors buying auction properties in East Anglia which can bring in a steady income from letting.
Property Prices In East Anglia
Property prices in East Anglia have held up well compared to other parts of the UK. The average price for property stands at £340,260, a rise of 1% compared to 2019 and 4% higher than 2017. Flats can be purchased for an average of £157,000 and terraced houses are being sold at around £200,000. As in other parts of the UK, property prices in East Anglia depend upon the chosen area, the condition of the property and the local infrastructure and amenities.
Prices for properties in and around Cambridge are the most expensive and this is considered a prime location which has performed better than other regions. Ipswich and Norwich are cities that have also become popular due to the increasing number of tech companies that have moved into the area, as well as the high student intake.
The very high property prices in London have led to many buyers choosing a more affordable alternative and to this end East Anglia clearly fits the bill.
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Where Should You Look For Auction Properties in East Anglia?
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The amount of available auction properties in East Anglia will depend upon your budget and how much you are willing to concede on demands for a good location, infrastructure and amenities. These are the main conditions along with the state of the property which will affect how many are on offer and also the guide price.
East Anglia covers a large area and these are a few of the locations where you could consider searching for property being sold at auction.
Norwich is a city that stands on the River Wensum. There are opportunities to buy more expensive 4/5 bedroom riverside homes as well as a wide range of 2 and 3 bedroom flats or flexibly priced semi-detached and terrace properties. The cheaper properties could prove to be ideal for investment into the student rental market. By choosing to buy auction property in Norwich you will be able to take advantage of all the facilities of a very attractive city.
Norfolk Broads (NR12)
The Norfolk Broads covers parts of Norfolk and Suffolk in East Anglia. Investing in an auction property in this region is an option worth thinking about. There is a wide selection of older houses and cottages which could be ideal for holiday rentals. In addition, there are also semi-detached homes and end of terrace houses that are considerably cheaper to buy and which are often closer to the local amenities like shops or schools. Famous for its peaceful locations the Norfolk Broads is definitely worth adding to your list of potential location for purchasing an auction property.
The university city of Cambridge is located on the River Cam. Renowned as an education centre of excellence, the city has a wide range of auction properties including some of the most expensive in East Anglia. However, prices do vary and a 1-bedroom terrace house can be found for around £225,000.
Cambridge has excellent road connections to London and many residents choose to get around on bikes or use the Park and Ride sites to get into the heart of the city. Small apartments in Cambridge can be purchased for as little as £85,000 so there are plenty of options for potential buyers.
The charming seaside resort of Hunstanton is well renowned for its beaches. The average price for a house is £261,000 and there are many flats as well which are priced at around £200,000. Lying forty miles north-west of Norwich, Hunstanton is popular with tourists and has an aquarium, fairground, leisure pool and a seal sanctuary.
The choice of auction properties in Hunstanton combine houses that need renovation and those already completely renovated and ready to move in. Having a budget in mind as well as some prior financing will help you when it comes to deciding which type of property you want to view.
The market town of Beccles is 16 miles south-east of Norwich. In August the town hosts a sailing regatta and carnival making this a popular choice to buy an auction property. Types of homes include red brick Georgian houses and cheap barns ready for conversion. Alternatively there are also 1-bedroom apartments close to shops and other amenities and 2 -bedroom semi-detached houses in need of remedial work. Buying an auction property in need of renovation can be an excellent investment as long as you get a full structural survey in advance.
Auction Properties in East Anglia FAQ
How Can I Find Auction Properties In East Anglia?
Properties that are up for auction in East Anglia can be located at local property auction houses or at online auction websites. All auction houses operate on similar terms and conditions with guide prices listed for most properties.
How Much Are Auction Properties In East Anglia?
Average property prices for East Anglia are £340,260 but properties sold at auction can be considerably cheaper depending upon the condition. The guide price and the reserve price are listed but some properties may attract more interest than others.
Which Areas Are Best To Find Auction Properties In East Anglia?
Many properties up for auction are found in the cities in East Anglia. Norwich and Cambridge are two of the hot spots for auction properties. Away from these cities around places like Wisbech and Great Yarmouth you can find older derelict cottages, farms and barns which are also highly desirable.
Can I Buy Repossessed Properties At Auction In East Anglia?
Major banks and finance companies will provide a list of properties that have been repossessed and which are going to auction. Additionally, local councils may be able to advise you about any derelict or abandoned properties that have been taken into possession and are due to be auctioned.
What Type Of Auction Property In East Anglia Should You Look For?
The diversity of East Anglia makes it a popular choice for buyers of auction properties. You can find commercial, industrial and residential properties, all in a wide range of prices and locations.
Commercial and Industrial Properties In East Anglia
Many towns in East Anglia have commercial and industrial properties for auction, There are retail shops in market towns and you can find many that include a flat above the premises. Alternatively there are warehouses which can be used for storage or as a place in which to set up almost any kind of business. Buying a commercial or industrial auction property in East Anglia opens up plenty of opportunities for new or existing businesses.
Residential Property In East Anglia
The diversity of East Anglia means that residential properties are on offer in many different architectural designs. Georgian homes, seaside terrace cottages, flats and post-war semi-detached homes are all available. Some residential properties for auction were previously designated as social housing and can be bought for a very reasonable price.
Derelict Or Development Properties In East Anglia
Any homes that have been abandoned or are derelict can be sold through auction by the local authority. Although buying such a property may seem daunting, the money invested can bring excellent rewards and is very worthwhile. You can find a list of derelict or development properties by contacting the local council. In East Anglia barns, abandoned farmhouses and previous industrial units are all available to buy. However, it is important to always ensure that the property in question has planning permission for your needs.
East Anglia Property Resources:
Find out about council and property tax in East Anglia
General information on the East Anglia area from Visit East England
Five Good Reasons To Buy Auction Properties In East Anglia
1. Wide Variety Of Property Available
The region of East Anglia has all kinds of different properties both in towns and in the countryside. Property prices are varied so there is plenty of choice from large houses to modest 1-bedroom apartments.
2. Good Connections To Surrounding Area And London
Extensive modern road and rail networks make this region an excellent choice. There are good links to regional cities like Cambridge or Peterborough and these are combined with a fast motorway link to the capital.
3. The East Anglia Property Market Is On The Rise
Property investment in East Anglia is on the rise. Many high growth businesses are choosing to come to this area and these include food and drink companies as well as pharma, tech and product development companies. Property prices are reflected by this business investment.
4. East Anglia Is Family Friendly And Has A Good Quality of Life
Many people are choosing to live in East Anglia for the better quality of life away from the capital. Families have more space, schools are excellent and even if you live in a city the countryside is just on your doorstep. There is also a lower incidence of crime in this region.
5. East Anglia Has Something For Everyone
The diversity of the region means that East Anglia has something for everyone. Wide open spaces, endless waterways and some of the most beautiful cities in the UK. In addition, East Anglia offers excellent shopping facilities and lots of culture.
Some Final Thoughts About Buying Auction Properties In East Anglia
Many people consider buying an auction property and it can lead to an excellent outcome. However, there are a few important points to consider before bidding on a property. If you have a budget it is vital to stick to it and not make impulsive bids in the heat of the moment.
Do your research and surveys in advance of the property auction and make sure that you understand the terms of the contract so there are no unpleasant surprises. Ensure that you have your deposit and funds in place before bidding. Making the auction experience as efficient as possible will allow you to avoid legal problems.