Leading UK auctioneer says strong demand for property persists despite market correction

Leading property auctioneer Paul Fosh claims strong demand for property persists across all sectors despite the effects of a recent ‘correction’ in the market.

Paul was commenting after the completion of the Paul Fosh Auctions November sale in which 100 properties were offered generating a total income of £5,818,940 with 58 per cent of lots offered, sold

Paul, owner of Newport, Gwent-based Paul Fosh Auctions, said: “Our online November auction demonstrated once again that the property market remains as buoyant as ever. There is a strong demand for properties in all sectors but there is one key point that people should remember; there has been a correction in the market.

“On average we’d say that correction equates to about 10% but correctly priced properties are selling well. At our most recent auction (November 7-9) we had many cases of multiple buyers pushing sales prices way above expectations and two where the sale price was more than twice the guide price.

“One property guided at £95,000 selling for £191,000 and another in Ferndale guided at £45,000-plus and selling for £121,000. As always, though, the key is to guide and reserve the properties competitively to generate interest and attract buyers.

“Numbers of entries are still holding up well with 100 properties in the November sale and large numbers already coming in for our last sale of the year in December. The online catalogue for that sale to be held 14 December will be released on November 23.”


The top selling lots in the Paul Fosh Auctions November sale were:


Lot Address Result Sale Price Guide Price Link
14 Hillside Farm, Broadstone, Trelleck, Monmouth, Gwent, NP25 4QF Sold £798,000 £750,000 https://paulfosh.eigonlineauctions.com/lot/details/105649
26 63 Romilly Road (Block of 3 flats), Cardiff, South Glamorgan, CF5 1FL Sold Prior £335,000 £385,000 https://paulfosh.eigonlineauctions.com/lot/details/106101
13 41-42 Mariner Street, Swansea, SA1 5BA Sold Prior £230,000 £230,000 https://paulfosh.eigonlineauctions.com/lot/details/106069

Sold for DOUBLE guide price

Plas Tirion, Tan Y Gopa, Abergele, Clwyd, LL22 8DS Sold £191,000 £95,000 https://paulfosh.eigonlineauctions.com/lot/details/105747
42 48 Caerphilly Road, Bassaleg, Newport, Gwent, NP10 8LF Sold £185,000 £135,000 https://paulfosh.eigonlineauctions.com/lot/details/105774


Sold for 1.5x guide price

17 The Ellipse, Griffithstown, Pontypool, Gwent, NP4 5AD Sold £170,000 £112,000 https://paulfosh.eigonlineauctions.com/lot/details/106027
20 Flat 3, 11 & 12 St. Stephens Court, Pottery Terrace, Newport, NP20 2NX Sold Prior £170,000 £170,000 https://paulfosh.eigonlineauctions.com/lot/details/106120
56 2 Osborne Place Poplars Road, Mardy, Abergavenny, Gwent, NP7 6LL Sold Prior £155,000 £140,000 https://paulfosh.eigonlineauctions.com/lot/details/105888
5 1 Milner Street, Newport, Gwent, NP19 0GS Sold £148,000 £135,000 https://paulfosh.eigonlineauctions.com/lot/details/105264


The top selling commercial lots were:


79 Former Court Hotel adjacent to, 215 Court Street, Tonypandy, Mid Glamorgan, CF40 1QG Sold £120,000 £90,000 https://paulfosh.eigonlineauctions.com/lot/details/105907
60 46 Church Street, Abertillery, NP13 1DB Sold £88,000 £85,000 https://paulfosh.eigonlineauctions.com/lot/details/106035


Sold for 219% of guide price

Garage To The Rear Of 298 Chepstow Road, Newport NP19 8NN Sold £17,500 £8,000 https://paulfosh.eigonlineauctions.com/lot/details/107660
3 Three Units & Two Storage Sheds & Container, Church Terrace, Nantymoel, Bridgend, CF32 7PE Sold £12,500 £0 https://paulfosh.eigonlineauctions.com/lot/details/105713
89 Ancient Historical Title Of The Lordship Of The Manor Of Trefnant Sold £1,950 £2,000 https://paulfosh.eigonlineauctions.com/lot/details/106162