Strettons raised £9.3m from its October sale, with the success rate nudging just over 60% including sales post event.
Director Philip Waterfield said there was a high level of pre-auction interest, a busy room on the day and several post-event sales, which “demonstrates that there are still plenty of buyers and sellers ready and willing to do business in the UK property market”.
“The interest is there, but as shown in the results across the sector, this doesn’t always translate into bidding in the sale room, as witnessed with some of the lots in our sale,” he said.
As seen elsewhere in recent months, a number of dealers waited to see what was available at the end of the sale.
During the sale itself, the early residential lots sold wel. A house in Leyton, E10, offered on behalf of the Court of Protection sold for £385,000 against a guide of £320,000-plus, and a nearby two-bedroom house sold for £390,000 against a guide of £340,000-£360,000.
Closer to central London, a two-room flat in Clerkenwell, guided at £325,000-plus, sold for £435,000.
The highest price of the day was £1.5m for a mixed commercial and residential investment in Chadwell Heath producing £76,500 pa plus a vacant flat, so a sub 6% yield, with the adjoining property selling for £382,000, a little over 5.25%.
Another mixed commercial/residential investment in Ilford, producing £42,340 pa, sold for £650,000, about a 6.5% gross yield, while small take-away shop and ground rent in Upminster sold for £216,000, about a 6.5% return.
Several sites offered on behalf of JCDecaux created a healthy level of activity with two sites in Rochester and Bradford selling for well above their nominal guides.
Towards the end of the sale a portfolio of 55 freehold lock-up garages in Romford sold for £455,000 off a guide of £350,000-£360,000 and two separate building plots in Hackney, each for a single house, sold for £275,000 and £400,000.
Sales post auction included a ground-floor showroom with flat above in Bishop’s Stortford, Hertfordshire, which sold well above its reserve for £415,000, reflecting a yield of 6.2%.
The sale took place at the Grand Connaught Rooms, WC2, on 8 October.
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