McHugh & Co’s £4.5m auction in London last week was “better than expected” in spite of only 61% of the lots selling.
Auctioneer Chris McHugh explained he had been pleased with the result of the mainly residential sale and that strong post-auction activity had pushed the sale proceeds to £54m and the success rate to 67%.
“The market has gone a bit quiet but we will get up to 70%,” said McHugh. “You’ve got to be a bit choosy on what you take in.”
But he added that vendors were now starting to realise what was happening in the market. The vendor of a vacant house in Lithos Road, Frognal, NW3 was present in the room when the lot failed to sell after a last bid of £551,000.
“The vendor could see what was going on and that what we had said was right,” said McHugh. A post-deal was struck at £557,500.
A vacant shop with uppers in Station Road, Chingford, E4, beat its £220,000 guide to sell at £331,000.
