[peartreewoodlandsmallholding]

Hi ive seen a plot of land for sale that is going up for auction in the next month or so, the guide price is £8,000+ per acre but its certainly not the best quality land, and to me it seems over priced at £8000+ per acre, I know every plot is only worth as much as what someone wants to pay,  just wondered if anyone had any advice on buying land in auction especially regarding not paying far more than a plot is worth, its just so hard to know what a piece of land is truly worth, and then not getting caught in the moment at auction and paying far over the odds, this plots around the 4.5 acre size, now how will the bidding go if the guides £8,000+ an acre will it be sold as a whole for instance for £40,000 or will it be sold per acre bid up to say £8,000 and then being 4.5 acres the total cost being £38,000??, the lands not level its undualting, on a busy A road so not the best access in the world, bit waterlogged in places with surface water, anyone have any rough idea what a reasonable price would be on a plot like this, i know its hard not having seen the land yourself but any advice whatsoever would be appreciated!!

[henchard]

I suggest that you read this thread


http://www.accidentalsmallholder.net/forum/index.php?topic=25660.0

and

http://www.accidentalsmallholder.net/forum/index.php?topic=25012.msg242958

[doganjo]

If it's that bad why do you want it?    If there is any chance of planning permission on it the price will shoot up way above £8K an acre.  I doubt if they will sell it an acre at a time unless it is put on the auction in separate lots.  Decide what you can afford, have apiece of paper with that figure written on it in your hand, and don't be tempted to bid above it.

[peartreewoodlandsmallholding]

hi, its the first reasonable piece of land ive seen locally for the last 3 years, majority of the land is dry but it does have surface water at a couple of places on the plot, I think when you,ve been looking for a plot to buy for many years with no luck you start to lower your standards a lot on what you,ll be happy with, otherwise i feel my life will be over and ill never end up buying a little piece of england!!!

[benkt]

A lot just sold near us for £29k for just under four acres of grade3 arable. Do your auctioneers have old records of sale available as ours do?

[lachlanandmarcus]

A 4.5 acre plot will more than likely be of interest to horse owners desperate to escape high livery fees to keep their horses, which will put up the price per acre. However the busy road might put some of them off (depends if they hack out or are competitive riders, but the latter are more likely to stay at a yard).


The acreage price would be a lot less per acre if the overall parcel was too big to be practical for horse owners. But still quite possibly 5k an acre in many areas....


 I would think the land would be sold as a whole but only the auctioneer can advise on whether that's the case.

[Roxy]

Yes, its horse owner size.....unfortunately.  In which case, yes, it may well go for the guide price.  Usually will be sold as a whole, and probably start dead low.  If you go and bid, don;t jump in and bid against someone else  right away, you are just putting the price up for yourself.  Wait and see how it goes.  Don't panic, thinking the auctioneer is going to sell it.,  Its a long drawn out process.He will keep repeating, say £30,000 ....any advance on this??at which stage its probably not got to its reserve price!!!  From my experience, it then takes off again .....and if its been going up in £1,000 bids,cango to £500 bids. He will bang his hammer twice,and you still have chance to jump in before the final hammer.
 
Have a ceiling price, and keep to it.Do not be tempted to go any higher than your agreed price, its very easy to get carried away.
 
I tend to stand further back in the room, then I can see who I am up against ....or youthink you can.
 
Prices can vary - more attractive if there are buildings on, or you can put sheds on. If its special interest land, or green belt, then this can prove harder.  But sometimes, the land can go for less than the reserve, but the seller may decide not to take it.  Its helpful to keep in touch with the selling agent, and hopefully you can then gauge how much interest there has been.
 
Sometimes worth making an offer before the auction -if they turn it down, you have at least an idea of how much they are expecting.

[smiley bucket]

If it's the first land in three years for you it's probably the same for several potential buyers in the area, and even outwith the area.  Where about in the country are you?  In this area I would expect it to make at least 50,000 as a whole, in a very horsey place or home counties, 20k an acre is the norm.  we are in somerset, and i'm glad i'm past the buying stage.  good luck at auction, you may find the neighbouring farmer wants it and this is the only chance in his lifetime to buy it and he will pay even more than the daft horsey lot to get it!

[lachlanandmarcus]

The horsey lot arent necessarily 'daft' - if they are having to pay £500 a month in part livery bills per horse in the home counties; then buying your own land instead is just common sense in anyones eyes?Especially if they have more than one horse.