Strettons achieved its highest total of the year at its 22 May property auction, raising £12.7m with an 84% success rate.
The firm’s success rate is now higher than the average for London auction houses – currently 75.2% – according to the latest figures from Essential Information Group.
A strong start to the May sale saw the first property, a freehold vacant detached house in Chigwell, Essex, (pictured above) sold for £1.2m.
A pair of semi-detached houses and land with development potential in Ilford, Essex, sold for £1.5m. Also attracting the interest of developers was a freehold vacant site with planning permission for five houses in Dagenham, East London, which sold for £720,000.
A freehold vacant house in Leytonstone, E11, with a guide of £600,000-plus, sold for £750,000, and a freehold vacant refurbished house in Streatham, SW16, sold for £525,000. The average gross yield for residential sales was circa 4.5%.
Commercial properties realised average gross yields of around 6.75%. A freehold commercial investment in Edgware, Middlesex, consisting of a shop and two flats, sold for £735,000, and on the other side of London, a long leaseshold commercial investment in Greenwich, SE10, sold for £275,000.
All the ground rents available on the day were sold, several for significantly above the guide price. A ground rent investment secured on 12 self-contained flats within a modern development in Hornchurch, Essex, sold for £72,000 against a guide of £40,000, and a ground rent investment secured on a mid-terraced property consisting of two flats in Ilford, Essex, sold for £50,000.
Strettons director Philip Waterfield said: “Our May sale marked 80 years since our first auction in 1937, and I am delighted that we have celebrated that with our highest total of 2017.
“I am also pleased that we have beaten the average success rate for London auction houses for our second auction in a row, and I am looking forward to continuing this success at our next sale in July.”
The sale took place at the Grand Connaught Rooms, WC2.
