91% Sold at February Auction
Strettons’ first sale of 2018 produced a 91% success, raising £7.5m.
Highest price of the day was for a vacant house in Notting Hill, W11, which sold for £1.77m off a guide of £1.45m-£1.5m and other residential sales included a house in Forest Gate, E7, which sold for £395,000 and a bungalow in Uxbridge with planning permission for two detached houses which sold for £635,000.
There was a queue of bidders for a former snooker hall in Winchmore Hill N21, guided at £300,000 plus, which sold for £490,000 and in Feltham, Middlesex, a vacant double shop with first floor flat sold for almost twice the guide price at £588,000 off a guide of £300,000-£325,000.
We sold a larger proportion of freehold ground rent investments than usual, all of which sold with mixed results – some selling for more than double the guide and others at a little over guide.
Nonetheless, it was a successful day but the mood in the room was of some caution, no doubt reflecting uncertainty in the economy especially in the backdrop of the Bank of England announcing that further interest rate rises are on the horizon.
We look forward to our next sale on 26th March 2018 with the catalogue online 7th March and welcome sharing our views on market sentiment and property prices if you are thinking of selling.