Investor optimism drives sales at first post-Brexit auction

The first Paul Fosh Auctions sale of 2020 was a real cracker generating £4,117,000 from the sale of 45 lots out of the 63 offered.

Paul Fosh, owner of the auction business which is based at Lower Dock Street, Newport, feels that there is a renewed sense of optimism in the air now that Brexit has been sorted.

Paul Fosh said: “It was an absolutely cracking sale with some brilliant lots. There was a range of properties on offer for all tastes and a great deal of energy and excitement in the auction room from the word go from the sale of the first terraced property and across the catalogue.

“We even had the relatively rare occurrence of a property selling for a single bid. Guided at £36,000 a simple, traditional, two-bedroom, mid-terrace property at Garn Cross, Nantyglo sold to a single bid of £45,000, once I’d opened the bidding at £30,000.

“Whatever your views on Brexit and however you voted it’s clear to see that the uncertainty infecting almost everything over recent months has now finally been lifted, the shackles are off and investors and the public in general feel more relaxed and willing to make decisions.

“This was certainly the atmosphere in the auction hall with properties flying out of the room. Sellers and buyers in equal proportion will have been delighted with the night’s sale. There was a feeling in the room, which I haven’t experienced for quite some time, it was back to the good old days if you like with cheers and applause when properties were won.

“There were some properties where sellers were under a certain amount of pressure from eager buyers to accept offers ahead of the sale but I’m pleased that these clients took our advice, stuck to their guns and presented them for sale and the prices achieved were in excess of those that they would otherwise have made.

“Some excellent results were achieved which shows that once more, now we are in more certain times, that there are investors and buyers in the market ready and willing to make a deal. Optimism has returned now that we have clarity, which for us is very good news.”

A highlight of the sale was a former care home at Maesteg which had created strong interest ahead of the sale. The property, Hyfrydol, at Cemetery Road, was listed with a guide of £148,000 but soon raced away from this figure and after intense bidding reached almost three times that figure with the hammer falling at £410,000.

A 1930s toilet block in Bridgend, which prospective buyers ahead of the sale had looked at to turn into everything from a dog grooming salon to a cafe, sold for £61,000, more than twice the guide price of £27,000-plus.

Another notable sale was that of the internationally-recognised former marine artist’s home at Argoed, near Blackwood. Ty’r Graig, a Welsh farmhouse and former home to artist Leonard J Pearce, was listed with a guide of £250,000 but sold after very keen interest for £295,000.

And a four-storey, semi-detached property with 13 rooms, attic and garden at Victoria Avenue, Porthcawl, listed with a guide price of £179,000, sold for £265,000.

The next Paul Fosh Auctions sale in on Thursday, March 19 at The Cardiff North Hotel, Cardiff starting at 5pm.