THE Property Auction Group sold nearly £1m of bungalows, houses and retail premises at its debut event at Sandy Park Conference Centre, Exeter in November.

Potential buyers filled the County Suite at the home of Exeter Chiefs Rugby Club for The Property Auction Group's last event of 2010, which rounded off the year with seven lots being sold at an average of 5% over the guide prices.

Lot 8 - retail premises in Kingsbridge sold prior to the auction; Lot 1 – a bungalow near Okehampton sold for £8,000 more than the guide of £180,000; Lot 2 – a house in Plymouth sold for £1,000 more than the guide of £165,000; Lot 13 – a bungalow in Fraddon sold for £166,600, more than £6,000 above the guide of £160,000 and Lot 7 – a bungalow in Paignton sold for the guide of £70,000.

Stevens, team estate agent in Okehampton and North Tawton once again celebrated a successful event with both of the lots it entered into the auction being sold.

James Stevens, partner, said: 'We are delighted with the results of the auction. This time, we entered a bungalow in Bridestowe and retail premises in the town centre with potential for various uses, including conversion to flats —subject to planning consents — and both were sold so our clients are extremely happy.

'All of the lots we entered last year sold. We are delighted to be able to offer auction as a route to market for our clients and are extremely pleased to be getting results with The Property Auction Group."

Despite the notable downturn in the property market, The Property Auction Group sold almost £4 million of flats, houses, bungalows, plots, commercial and retail premises, land and development opportunities, with and without planning permission throughout the South West last year – from St Ives in the far west of Cornwall to Chard in Somerset.

Andrew Crossman, chairman of The Property Auction Group, said: 'The property market in the South West in the first half of 2010 was fairly strong but then quietened down over the course of the election period and remained nervous after the new Coalition Government was formed and announced there were going to be changes.

'Since the Government's Compre-hensive Spending Review was revealed, the market has got stronger – demonstrated by the attendance and results of our event as well as the number of enquiries we are taking for our next auction, the first of 2011, to be held on March 16.

'We expect the auction market to become stronger in 2011 with realistic guide prices and continued low interest rates encouraging investors and those seeking the best possible value as well as first time buyers looking for low cost homes and more of those with savings turning to property for an income and long-term return."

n The Property Auction Group is inviting entries for its next auction, to be held at 3pm on Wednesday, March 16 at Sandy Park Conference Centre, Exeter – easily accessible just off Junction 30 of the M5 Motorway.

For further information on auction as a route of sale, or to arrange for a no-obligation market valuation, contact The Property Auction Group on 08000 126126.