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Hammer out a better deal
Property of all types remains a popular investment, with auction prices at present exceeding expectations, according to auctions expert Richard Francis.
Mr Francis, auction manager of Pattinsons estate agency said more than 700 people attended the company's auction this week and prices achieved were "higher than expected".
Two flats on Condercum Road, Benwell, Newcastle has a guide price of £100,000-£130,000 with a reserve of £120,000 and sold for £176,000.
Mr Francis said: "The market is changing constantly and areas once neglected and forgotten are enjoying a new popularity. The flats had 110 viewings before the auction and the price achieved was staggering, considering they are in an area where the local council was selling off homes for just £1 just 10 years ago.
"Many people think prices achieved at auction are often below market value, but such marketing can attract a great deal of interest and introduce properties to a wider range of prospective buyers."
Mr Francis said a further example was a family-owned terrached bungalow on The Oaks, Newton Aycliffe, County Durham which had a guide price of £30,000-£50,000. The property had 59 viewings and sold for £69,000. A stone detached house in Blanchland, Northumberland had 69 viewings and sold for £252,000.
Pattinson's next auction is at Newcastle Falcons ground in Kenton, Newcastle on Tuesday February 27. Tel: 0845 146 1582 or click here.
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