A tenanted south London house that sold for nearly double its guide price was the top lot at Lansdowne Property Auctions’ latest sale.
The mid-terrace freehold property in Clapham North, SW9, with up to six bedrooms and a gross yield of 3.7%, went for more than £1m against a guide price of £550,000.
The house was last sold in May 2005 for £325,000.
Lansdowne director and auctioneer Eram Ayub said: “We were getting lots of offers before the auction. We thought it might go to £900,000, or even £1m. The extra £50,000 was shocking.”
It was one of the last properties on the street to be converted to flats, which could have accounted for the level of interest shown, she added.
Many bidders attended the sale specifically for that property – the final lot – keeping the room busy until the end, she said.
Despite this, the timing of the auction – on the first day of Ramadan – may have led to a “less vibrant” atmosphere than last time, Ayub believed.
The sale, which raised £3.4m and had a 94% success rate among the 15 lots offered, was held at The Connaught, W1, on 18 June.
