PROPERTY prices across North Wales are continuing to soar with two major auctions banking more than £1.3m.
Long established Auctioneers and Estate Agents Jones Peckover held the auctions at Llanfairpwll and Denbigh and traded more than 100 acres of land at the two sales with some parcels of land fetching over £17,000 an acre.
Sion Wyn Jones said: “Demand for land has remained strong through the recession and, in fact, prices have risen rapidly since the financial crisis hit in 2008.
“We have recently seen a good run of property auctions and our most recent sales have seen over £1.3 million spent on land with the price for agricultural land regularly going over £13,000 an acre.
“Jones Peckover specialise in the sale by public auction of land and rural properties and have close connections with the farming community who naturally take a keen interest in the price of land.”
The sale at the Brookhouse Mill, Denbigh, was overseen by auctioneer Matthew Holmberg and saw over half a million pounds change hands.
A 15.04 acre parcel fetched £200,000, almost £14,000 an acre, while a 7.14 acre parcel made £98,000, again over £13,000 an acre.
A semi-detached property, Ty Capel, at Derwen, Corwen, was sold by private treaty.
Matthew Holmberg said: “Land has seen a sharp increase in value in the last three or four years and the market is very good with prices higher than ever before.
“I think people see it as a safe haven for their money when the stock market is up and down and the old adage is that they are not making any more land.”
Jones Peckover’s next proposed property auction will be held on July 7 on Anglesey.
See full story in the Whitchurch Herald