Buyers target regional lots and keenly priced London lots as Andrews & Robertson’s December auction raises almost £9m.
Robin Cripp, Andrews & Robertson’s auctioneer, said: “A most notable change in buying trends at our final auction of 2011 was the upbeat demand for keenly priced properties in locations beyond the Capital and there was tremendous interest in the catalogue prior to auction.
“Throughout the year property with London postcodes have dominated buyers’ lists, but it was interesting to see at this auction that there was also demand for homes and commercial stock in locations around the UK including Norfolk, Tyne and Wear, Lancashire, County Antrim, West Midlands, and Ayrshire for an average price of around £60,000 that made good returns in rental yields.”
“This shows clearly buyers are really receptive to tapping into the potential of a wider spectrum of opportunity than they have been for some time. It also tells us that if stock is priced correctly then it will sell.”
There was continuing strong demand for assets in London and the South East demonstrated by the £570,000 sale of a vacant freehold four storey house in Camberwell, SE5, which was offered with a guide of £475,000 plus on behalf of Southwark council.
A freehold former shop just off Brick Lane in Spitalfields, E1, currently arranged as a three floor house and guided at £525,000 plus was knocked down at £552,000.
Success rates at the 8 December auction held at London’s Grand Connaught Rooms, WC2, closed at 74% slightly above the 73% current national average. Post sale demand pushed figures to £9m, and Robin Cripp believed this “would rise to over £10m and 80% within days”.
Andrews & Robertson December auction highlights:
- Two virtual freehold shops offered with vacant possession in North End Road, West Kensington, W14 and guided at £125,000 plus and £175,000 plus sold for £203,000 and £190,000 respectively.
- A detached home in Mount Ephraim road, Streatham, SW16, on the market for the first time in 35 years, and guided at £475,000 plus sold for £495,000.
- A three floor home in Cromer, Norfolk, offered on behalf of the mortgagees, and guided at £120,000 plus sold for £140,000.
- A two bedroom detached cottage with workshop and office in Newtownabbey, Country Antrim, made £103,000 for the mortgagees off a guide of £85,000 plus.
- Caletock meeting room, a potential redevelopment project in Greenwich, SE10, sold for Greenwich council achieving £271,000 off a guide price of £175,000 plus.
Andrews & Robertson’s next sale takes place on February 21 at The Grand Connaught Rooms, London, WC2.
We look forward to seeing you in the room.
Chairman and Senior Auctioneer