Vacant residential stock and land purchases, particularly in less traditional areas such as Tottenham, N17, drove an 84% success rate at McHugh & Co’s London sale this week.
A total of £15.4m was raised in the 56-lot auction at BAFTA, 195 Piccadilly, W1, with 11 lots sold prior.
The highest price was achieved for 37 Tavistock Terrace in Upper Holloway, N19, a vacant terraced freehold, which sold for £960,000 off ?a guide of £950,000.
Similarly, a vacant property at 49/49A Sulgrave Road in Hammersmith, W6, went for £877,000 – well above its guide of £500,000. And a 60-year leasehold on a vacant first-floor flat offered by Haringey council sold for £339,000 off a guide of £265,000.
Auctioneer James McHugh said there was “definitely a lot more competition from owner-occupiers”, though there had been a “mixed bag” of buyers and competition on most lots.
He added: “Areas like Tottenham have been very popular in recent auctions, among a whole range of different buyers.”
Land buys also proved popular, with sales including a freehold on two lock-up garages on Crouch Hall Road, N8, which sold for £251,000 – more than triple its £80,000 guide.
In addition, a freehold on two vacant adjoining garages with outline consent for two self-contained flats in Golders Green, NW11, sold for £274,000, off a guide price of £150,000.
Chris.Berkin@estatesgazette.com
