After an absence of 18 months, Dyer Son & Creasy returned to the London Auction Mart, WC2, with what seems to be a winning formula at the moment: residential investments.
Now known as Woolwich Property Services, the 169-year-old firm offered a 43-lot catalogue composed mainly of this type of property entered by London & Manchester Group.
A sale rate of 93% was achieved and £2.147m was raised as property after property — some of which had not been seen on the market for 15 years — went under the hammer.
“The success of this auction again emphasises the attraction of the residential investment market,” commented auctioneer Richard Barwick, “in contrast to the residential property market generally in London and the South East, and in this auction the two properties that did not sell were indeed vacant properties.”
The enthusiasm of the bidders in the Connaught Rooms’ Cambria Suite was reflected in the prices achieved, which were as much as 70% of vacant possession value.
But despite the popularity of the residential investments in terms of volume, the highest price of the day was achieved with the sale of a freehold five-bedroom vacant house in Bexleyheath, Kent, for £91,000.
However, Mr Barwick pointed to the sale of a two-bedroom semi-detached residential investment in Petts Wood, Kent, producing £1,456 pa and which sold for £71,000, as a particular highlight of the auction.
