A Grade II listed period home painted in traditional ‘Suffolk pink’ has sold at auction at £30,000 over its guide price.

Foundation House on Mill Street in Gislingham was one of 76 lots to go under the hammer at Auction House East Anglia’s spring sale on Wednesday, March 22, selling for £330,000 - £30,000 over its guide of £300,000.

The property is believed to date back to the mid-17th century and was built as a school room and master’s house before being converted into residential use – although it does still require some improvement work to bring it up to date.

Robert Hurst, chartered surveyor and auction manager at Auction House East Anglia, said the team was thrilled with the sale's results, which generated over £10m in sold property and land despite a range of economic challenges.

East Anglian Daily Times: Foundation House in Gislingham, which sold at auction, requires work to improveFoundation House in Gislingham, which sold at auction, requires work to improve (Image: Auction House East Anglia)

“The war in Ukraine, increasing interest rates, expensive building materials, the cost of living crisis, high inflation and widespread strikes - these are taking their toll on the property market,” he said.

“However our virtual auctions continue to facilitate active trading as shown by our auction results.

“Experience shows that auction results dip immediately after major events despite our efforts to persuade sellers that demand at the point of sale may not support their hopes or expectations.

“As reality dawns, and the evidence of value is laid bare by auction results, reserve prices at subsequent sales are set more realistically and sales success rates improve.

“Many sellers will do well to price assets attractively in the next few months as if values slide further many may regret not having priced their unsold assets more modestly.”

East Anglian Daily Times: The former Fen Park primary school site in Lowestoft sold well above its guide priceThe former Fen Park primary school site in Lowestoft sold well above its guide price (Image: Auction House East Anglia)

Other successes included the sale of a Grade II listed barn with permission to convert into residential use on Laxfield Road in Fressingfield, which sold for £161,000, and a Grade II listed mixed use property on Hadleigh high street which sold for £510,000.

A two-bedroom bungalow requiring modernisation also sold on Westley Road in Bury St Edmunds for £304,000, a disused church on Chapel Lane in Grundisburgh for £200,000 and the former site of Fen Park Primary School in Lowestoft sold for £346,000 despite a guide of £190,000.

The firm is now taking entries for its next auction on Wednesday, May 4, with a closing date for entries in early April.

For more information, see auctionhouse.co.uk/eastanglia or call 01603 505100.

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