East London continues to yield the sort of properties that are tempting owner-occupiers into the sale rooms in ever greater numbers — as Strettons’ last auction demonstrated.
“It used to be the case that it was unusual to sell more than two or three properties to owner-occupiers at auction,” says Strettons’ auctioneer Benjamin Tobin.
“Now there are regularly four or five such sales at each auction. And more and more would-be owner-occupiers are appearing at sales, but are not buying.”
The fact that Strettons are experts on the increasingly popular Bow area of London and its environs explains part of this trend. “Now even parts of Bow that are not the best are selling,” says Mr Tobin.
“Anything with an E3 postal address is attractive.”
That popularity contributed to the £6.7m that was raised at the auction, with a 90% success rate on 89 lots.
“The auction started slowly but soon sped up as the afternoon progressed,” says Mr Tobin.
“The intense interest expressed prior resulted in some lively bidding.”
At one point too intense. “There was a moment of excitement when bidding for a four-storey property in Fashion Street, Spitalfields, E1, increased from £65,000 to sell at £275,000,” recalls Mr Tobin. “But then the successful bidder — who had made some 20 bids — claimed that he had made a mistake and thought he was bidding £175,000.” The matter is now in the hands of solicitors.
Mr Tobin can now describe himself as one of the few auctioneers who can claim to have sold a real “secret garden”.
The two-storey listed terrace house at 1 Bellevue Place, Cleveland Way, E1, is the sort of residence of which most of London’s over-polluted and over-exposed residents only dream.
“In order to approach the house you have to walk down a little street off the Mile End Road until you come to a high brick wall,” says Mr Tobin.
“Then you go through a wooden door which leads into a secluded garden and a small terrace of houses.”
The lot sold for £87,500.
