Strengthening demand for vacant and tenanted residential property located within the M25 underpinned results at andrew scott robertson’s 15 April auction.
The sale raised revenues of £11.2m producing an average lot size of £149,000 and success rates of 76% after 73 out of 96 lots traded hands. Some £8.7m worth of property sold was within the M25, and £1.7m was raised from sales in the South East of England.
There was multi bidding at The Hotel Russell, London WC1 on lots perceived to be in desirable locations, high yielding secondary commercial stock, while receiverships and local authority lots in London also produced final bids that were above guides
With returns on deposits in the bank still at very low levels there was increasing signs that investors are looking towards residential property investment to make higher returns on their equity, according to Robin Cripp, asr’s chairman.
Cripp said: “AST yields on tenanted residential property at this auction reached 7.7%, a very good return on a property costing an average price of £140,000. Returns on regulated tenancies costing an average of £170,000 were 4.6%.
“As pensions underperform it is little wonder that we are seeing growing numbers of private buyers looking for a secure home for their money and a long term investment that pays real dividends coming to our auctions. Auctions are increasingly regarded as the swiftest and most efficient transactional platform for property sales and regarded as the method of first resort by vendors.”
Auction highlights included:
- Lot 3: 34 Hubert Grove, Stockwell, SW9 : A freehold terraced house split into two flats and offered on behalf of the London Borough of Lambeth. Guide Price £550,000 plus/Achieved £612,000
- Lot 7 – 68 Elliotts Row, Kennington, SE11: A large four storey terraced house in a sought after location. Offered on the instructions of a major housing association: Guide Price £480,000 plus/Achieved £785,000
- Lot 8: 303d Lordship Lane, East Dulwich SE22: A long leasehold second floor flat. Guide Price £180,000 plus/Achieved £217,000
- Lot 9: Flat 7, Conifer Court, Putney, SW15: A purpose built flat in a desirable location, offered on the instructions of a large private investment company. Guide Price £320,000 plus/Achieved £392,000
- Lot 13: 8 Goring Way, Greenford, Middlesex, UB6: A purpose built ground floor maisonette offered on the instructions of Mountview Estates Plc and on the market for the first time in more than 15 years. Guide Price £125,000 plus/Achieved £190,000
- Lot 53: 55 Felixstowe Road, Edmonton, N9: A two floor terraced house on the market for the first time in 25 years. Guide Price £160,000plus/Achieved £198,000
- Lot 72: 776-778 Stratford Road, Birmingham, B11: Shop investment let to Ladbrokes, by order of the LPA Receivers. Guide Price £200,000 plus/Achieved £315,000
- Lot 89: 84/84a Plashet Grove, Upton Park, E6: A reversionary ground rent on two self contained flats. Guide Price £20,000 plus/Achieved £32,000
After 155 years under the Andrews and Robertson banner our top five auction house began 2013 with a new corporate identity: andrew scott robertson following our successful merger with chartered surveyors and estate agents Quinton Scott.
We are now accepting instructions for our 4th June sale to be held at The Grand Connaught Rooms, WC2. If you are considering selling then our dedicated auction team would be delighted to discuss the best strategy to achieve an optimum result.
For further information contact Robin Cripp, chairman, on 020 7808 8530/ website www.as-r.co.uk