Cautious investors bought selectively at Stretton Edwin Evans, producing a mixed bag of results.
The auction, which took place on 19 July at the Grand Connaught Rooms, WC2, offered 98 commercial and residential lots.
It raised just over £11m from a 54% success rate as 52 lots sold, including 16 prior.
Auction director Philip Waterfield said that July sales traditionally experience a slowdown, but the depth of falls in transaction rates at sales last week suggested that buyer sentiment had hardened.
He said: “Although we still raised over £11m, the result in terms of numbers of lots sold was disappointing, illustrating that the property market remains generally cautious.”
Several vacant shops sold above guides, including one in Fulham, SW6, with a flat above.
It sold for £165,000 off a guide of £140,000-plus. Another vacant shop in Ilford, Essex, with outbuildings and ground rents sold for £195,000 off a guide of £165,000-£175,000.
Residential investments attracted mixed interest. A pair of 2-bedroom flats, one vacant and one let at £15,600 pa, in Goodmayes, Essex, sold for £251,000 off a guide of £230,000-plus, a gross yield of 12%.
Two vacant flats in Marylebone, W1, each sold for £620,000 off guides of £575,000-£600,000.
estelle.maxwell@estatesgazette.com
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