Properties in Spalding, Holbeach, Kirton and Gosberton were among lots under the hammer at the Springfields auction organised by Ark Property Centre and conducted by Flog It and Cash In the Attic TV auctioneer David Palmer.

The five lots sold before close of business were a property in Tollgate, Spalding, a house in Preston bought before the auction, two plots in Fishtoft and a terraced house in Boston.

Eleven properties reached the guide price while nine, including five in Spalding, did not attract bids.

Last week Nationwide Building Society said UK house prices had fallen for an 11th consecutive month, down 1.7 per cent in September.

South Lincolnshire properties were eight per cent down on the same time last year at a current average of £154,569, a three per cent drop compared to the last quarter.

In the East Midlands the average property price fell to £141,572 – 9.8 per cent down.

Around 100 speculators, first-time buyers and property entrepreneurs attended the auction on Thursday.

A guide price range was set for each lot.

For a property to be sold bidding must also reach a confidential reserve price, so even if the lower threshold is reached it does not automatically mean the bid was successful.

Only £150,000 was reached for a three double bedroom house in Cowbit Road, Spalding, which had a guide price range of £180,000 to £220,000.

And bids for a four-bedroom property in Moulton Eaugate stopped £25,000 below the guide price.

Despite only five lots being sold, Ark Property Centre partner Nathan Marshall remained positive.

He said: "We were very happy considering the current property climate.

"I think a lot of people were nervous about the auction process but now they have seen how it works and how professional we are, they are a lot more confident.

"We have already attracted plenty of interest for our next auction on February 10."