Money is safe in Land?
Richard talking to Solicitor prior to Auction. Land at Alvechurch.
Published 22nd October 2008
On Tuesday last, 21st October 2008, Richard Abbey, Partner of John Earle conducted the firm's monthly land and property auction at Henley Golf & Country Club. Three Lots were to be offered in the room, a 1900's extended four bedroom semi-detached house in Wythall, 2.73 acres of deciduous woodland near Lapworth and 2.91 acres of pasture land with some timber stables the Weatheroak side of Alvechurch.
With a limited number of Lots, Mr Abbey was pleased there were over 150 people in the room and he firstly offered the land and woodland in Tapster Lane, Lapworth and after a cautious start, competitive bidding from all parts of the room resulted in the gavel falling at £25,000. Mr Abbey then offered the 2.91 acres near Alvechurch. There was a strong start and again competitive bidding with the increments falling to £250 just prior to the gavel falling at £60,500. Shortlands Cottage in Wythall did not reach the reserve and was withdrawn at £270,000.
After the sale, Mr Abbey was delighted with the results of the two parcels of land and was as amazed as the Client selling the land near Alvechurch, that per acre, this parcel of land made over £20,000.
It may be fair to conclude that the recent fall in Bank base rate and a further cut in interest rates likely through the Winter, small parcels of land may not just be a safe investment (as they are not making any more) but where capital growth in the medium to long term can be expected.
|
