Auctioneer McHugh & Co raised almost £43m in its latest sale, rounding off a record-breaking year for the residential specialist.
The 2 December sale, which notched up an 86% success rate, took the firm to a total of more than £242m from eight online auctions in 2021.
This is up from £146.8m from one in-room and five online sales in 2020 and £89.5m from five in-room sales in 2019.
Auctioneer Chris McHugh said: “We thought it might be a terrible year due to Covid, but we’ve just had a bumper year. It’s a lot easier running auctions from your office.”
Highlights from the latest sale, which saw 143 lots find buyers, included a house on Arundel Square, Barnsbury, N7, arranged as five flats (lot 70, pictured). It was guided at £2.3m and sold for £2.6m. The flats, let on ASTs, produce £113,124 per annum – a gross yield of 4.34%.
In Holloway, N7, a house arranged as four flats (vacant) was guided at £1.75m and sold prior for £1.82m (lot 79).
On Wellington Row, Bethnal Green, E2, two unmodernised terrace houses (offered as separate lots) both sold on behalf of Mountview Estates (lots 7 and 19). Both were guided at £700,000 and sold for £861,000 and £862,000.
A house on Langdon Park Road, Highgate, N6, arranged as five flats, was guided at £1.3m and sold for £1.4m (lot 68). It had been in the same family ownership for more than 50 years. The flats, let on ASTs, produce £47,760 per annum – a 3.26% yield.
Auctioneer James McHugh said: “We haven’t seen any decline in the past few months in bidder registrations since the end of the stamp duty holiday and there was strong interest in the lots on offer in the catalogue. There are definitely plenty of buyers out there for the right stock.”
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