Granada TV’s film crew was on hand to capture the mood at Strettons’ auction on Monday – the first sale in London since the start of the war with Iraq.
Although 83% of the 94 lots sold, auction director Graham Slyper confessed it had been a “tough” auction.
“The room was crowded but it was difficult getting people started,” he said. “We started seeing some caution back in November. It was still there in February and it is there now.”
The film crew had been tracking the progress of a house in High Moor, Stockport, bought by Granada and given a complete makeover before being offered by Strettons with a guide of £120,000-£130,000 (15 February, p105). Unfortunately, the house failed to sell, although it had attracted much interest.
“There was a lot of interest in that lot but the vast majority were just curious as opposed to interested,” said Slyper. “It was not really an auction lot but I don’t regret doing it.”
The programme, called House Auction, is scheduled for broadcast on ITV on 15 April.
In spite of his well-known dissatisfaction with any success rate less than 90%, Slyper described the £11m auction as “quite good in the circumstances”.
“There were some good results in there,” he said. “Our analysis afterwards showed an average margin of 25% over reserve, showing that demand was there.”
In fact a vacant but derelict residential property in East India Dock Road, Poplar, E14, offered by the Peabody Trust, achieved 75% more than reserve when it made £300,000.
