A buyers’ stand-off resulted in a difficult sale for Andrews & Robertson, producing just over £11m from a 43% success rate.
The auction, at London’s New Connaught Rooms on 16 July, was a downbeat swansong for retiring managing director Andrew Smith.
Of the 215 lots offered, 91 were sold, 65 of which went in the room and 26 prior.
A total of 143 houses and flats were offered on behalf of mortgage companies, 50 sold on the day while more than 20 offers were made within hours of the sale ending.
“The bottom line is that purchasers are holding back to see what happens in the room,” said auctioneer John Weatherall.
He added: “The key question is whether post-sales will stay strong. We are confident that they will, since the current trend is for seasoned buyers to show their hand afterwards.
“Trading will remain tough until liquidity returns and buyers feel they can accurately call the bottom of the current downturn.”
Sales on the day included a three-floor terraced house in Harmsworth Street, SE17. It sold for below the £475,000 reserve, achieving £455,000 after the vendor readjusted expectations and accepted the firm’s pre-market activity report.
A development opportunity in Ebury Mews, behind Norwood Road, West Norwood, SE24, made £420,000 off a guide of £380,000 after an investor obtained the necessary funding at the last moment and bought it just before the auction opened.
