An “all or nothing” auction from Strettons on Monday marked the start of the new auction season. Although only 67% of the lots at the New Connaught Rooms, WC2 sold, auction director Graham Slyper is confident of reaching 80%.
“It is always a potential banana skin, being the first major sale after the summer break,” he said. And while there was “either fantastic bidding or none at all”, Slyper said that post-auction negotiations in many cases were at only £1,000 less than reserve. “Sometimes £1,000 or £2,000 is enough to do the deals,” he explained.
But he was adamant that, in spite of the lower success rate, there was “no indication that prices are coming down”.
Although the firm had made a conscious effort to be more selective after its July auction, at which 60% of the lots sold, Slyper’s scepticism over the wisdom of offering a six-bedroom villa in Greece just west of Athens proved ill-founded when it sold in the room for £500,000.
A commercial investment in East Street, Barking, was the most valuable lot in the 109-lot catalogue when it sold prior for £1.2m. The shop is let to Ethel Austin at £50,000 pa but the six flats above are all vacant.
Demand for vacant residential stock remained strong, with properties offered by London boroughs both north and south of the river all selling at up to 35% more than reserve.
