Posted on 12th July 2017 by Jordan Holmes
A three-bedroom detached bungalow in Alnwick, Northumberland, has sold for £181,000 – more than three times its £55,000 reserve price, at a Durham auction hosted by outsourced auction provider, IAM Sold.
Situated in Embleton Links, the pre-war chalet has far reaching views across the stunning coastline of Embleton Bay. The historic ruin of Dunstanburgh Castle dominates the horizon to the right and the rugged Emblestones, accessible only at low tide, are directly in front. Steps down to the beach are just feet from the front door. Originally built as a retreat for members at Dunstanburgh Golf Club which still shares the dunes, it has been owned for the past 50 years by a family of five children and is in need of some internal refurbishment.
Jamie Cooke, Managing Director of IAM Sold, comments: “It’s not surprising that this property sold above reserve price – it’s an ideal family holiday home situated amongst stunning unspoilt coast. The family were reluctant to sell but needed to for practical reasons. Prior to the auction, it attracted over 20 viewings and there was a real buzz about it in the auction room. It’s rare for properties like this to come up so it attracted a lot of attention and shows that auction can really find the true value of a property when it is as unique as this. It is highly unlikely that it would have reached this price if it was offered for sale by private treaty. Ultimately, a number of people really wanted the property and were willing to compete for it.”
The property was sold by the Modern Method of Auction where buyers are granted 28 days to achieve exchange of contracts from the date the buyer’s solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
Spring has arrived (even with the snow) and along with it a huge amount of property planning and investment for some of the UK largest cities as they allow developers to plan new residential developments. However, with exciting new opportunities ahead, there is one leading problem. Little to no affordable housing. Discovered by The Guardian […]Read more
Launching our repertoire of property achievements this month, the EA Masters, a glittering ceremony at London O2’s Intercontinental Hotel, on the 22nd September, was an outstanding one. The awards comprised an extensive study of the UK’s 30,000 estate and lettings agency branches including online and hybrid estate agents, and organisers. The Property Academy asked estate agents to […]Read more
As part of our dedicated service to all partners and future partners of IAM Sold, we aim to keep you protected and up to date with the latest activities within the legal sector that directly affect all those within the property industry. The Property Ombudsman (TPO) has issued a warning to all agents to act with […]Read more
Our fantastic team of 15 from across the business are taking part in Byte Night on 6th October – a national sleep-out charity event to raise money for Action for Children. Byte Night is Action for Children’s biggest annual fundraiser, supporting young people in the UK who are homeless through no fault of their own. Each year, like-minded people give up […]Read more
IAM Sold Ltd is rated 4.63 stars by Reviews.co.uk based on 399 merchant reviews