Sign of the times

News

05 December 1987

At their auction on November 26, Hillyers raised just under £2m, with sales prior and post-auction deals lifting the total to a satisfactory £2,958,650.

But in terms of amount sold and what sold, a very different picture emerges. Of the 66 lots offered on the day, some 50% failed to sell, many of the properties withdrawn being of the type that seemed previously to be maintaining their popularity in unpredictable times.

As with Harman Healy, vacant residential properties in central London are the most significant of the newly vulnerable categories. A freehold terrace house converted into four self-contained flats at 4 Perth Road, Finsbury Park, N4, offered with full vacant possession, failed to meet its reserve price of £198,000.

Another large freehold house in central London also flopped unexpectedly. The detached three-storey double-fronted property, offered with full vacant possession, at 44 Dartmouth Park Road, NW5, was withdrawn with a reserve price of £320,000.

Another addition to the casualty list has rather more unpleasant long-term implications.

A freehold site at 25-29 Grenville Road, Holloway, N19, with planning permission for six two-bedroom flats did not arouse the sort of enthusiasm that such a lot could expect as recently as mid-November.

The property remains unsold with a reserve price of £320,000 and appears to place a question mark over the market’s confidence in the continued supply of funds for the sort of residential construction project that seemed so recently to be a guaranteed investment.

The downward trend in the fortunes of outer London residential properties that became apparent within the first few days after Black Monday seems to be creeping ever closer to the centre.

A two-storey freehold terrace single-bayed house at 158 Hermitage Road, Finsbury Park, N4 — a newly fashionable residential area — signalled a possible fall in the area’s fortunes.

Offered with full vacant possession, it could not raise the £80,000 necessary to meet the reserve price.

Another property in Finsbury Park, a three-storey terrace house at 21 Somerfield Road, N4, confirmed the trend. Offered with full vacant possession, and in need of modernisation, it failed to make its reserve price of £125,000.

At their auction on November 26, Hillyers raised just under £2m, with sales prior and post-auction deals lifting the total to a satisfactory £2,958,650. But in terms of amount sold and what sold, a very different picture emerges. Of the 66 lots offered on the day, some 50% failed to sell, many of the properties withdrawn being of the type that seemed previously to be maintaining their popularity in unpredictable times. As with Harman Healy, vacant residential properties in central London are the most significant of the newly vulnerable categories. A freehold terrace house converted into four self-contained flats at 4 Perth Road, Finsbury Park, N4, offered with full vacant possession, failed to meet its reserve price of £198,000. Another large freehold house in central London also flopped unexpectedly. The detached three-storey double-fronted property, offered with full vacant possession, at 44 Dartmouth Park Road, NW5, was withdrawn with a reserve price of £320,000. Another addition to the casualty list has rather more unpleasant long-term implications. A freehold site at 25-29 Grenville Road, Holloway, N19, with planning permission for six two-bedroom flats did not arouse the sort of enthusiasm that such a lot could expect as recently as mid-November. The property remains unsold with a reserve price of £320,000 and appears to place a question mark over the market’s confidence in the continued supply of funds for the sort of residential construction project that seemed so recently to be a guaranteed investment. The downward trend in the fortunes of outer London residential properties that became apparent within the first few days after Black Monday seems to be creeping ever closer to the centre. A two-storey freehold terrace single-bayed house at 158 Hermitage Road, Finsbury Park, N4 — a newly fashionable residential area — signalled a possible fall in the area’s fortunes. Offered with full vacant possession, it could not raise the £80,000 necessary to meet the reserve price. Another property in Finsbury Park, a three-storey terrace house at 21 Somerfield Road, N4, confirmed the trend. Offered with full vacant possession, and in need of modernisation, it failed to make its reserve price of £125,000.