£12.5M raised at strong Autumn auction
Strettons’ October auction showed a healthy buyer interest, especially for properties within the southeast, raising over £12.5m on a 74% success rate with post-auction sales set to increase this.
The first half of our property auction started well with the sale of a block of three flats in Aldgate E1 on behalf of Newlon Housing Trust fetching £1.24m off a guide of £1m+, shortly followed by a sea of hands bidding for a freehold vacant house in Harringay N4 which reached £815,000 off a guide of £650,000+.
There were fewer AST investments than usual which may be a reflection of the buy-to-let tax changes, but a house in Ilford let on a Regulated tenancy sold for £322,500 against a £300,000-£310,000 guide, and a bungalow in Royston let to a statutory tenant sold for £230,000 off a £200,000+ guide.
Other notable residential sales included a flat in St John’s Wood which sold for £690,000 and, on behalf of another housing association, a vacant split-level flat in Bethnal Green selling for £450,000.
On behalf of HSBC, a freehold former banking hall in Thornton Heath with an AST flat sold for £457,000 and a freehold shop and flat in Walthamstow E17 let at £11,700pa sold for £400,000 showing an initial 3% gross yield.
The sale also included several freehold ground rents on houses and flats including one in Greenwich sold on behalf of the Secretary of State and several trustee sales. Disappointingly, it was the handful of lots outside the southeast region that struggled to generate interest which unfortunately highlights the north-south divide.
Philip Waterfield, Auction Director commented, “Whilst we’d love to see 100% success this was a healthy sale demonstrating demand for the sensibly priced lots dominated by demand for property in London and the Home Counties.” Adding, “We hope to build on this success with our last sale of the year on 5th December and the catalogue online on 15th November.”