26th October Post Auction News

Prices on London postcodes harden at Andrews and Robertson?s October auction.

A general shortage of well priced quality residential stock bearing London postcodes pushed prices well above guides at Andrews and Robertson’s 26 October auction sparking robust bidding between owner occupiers and investors.

Sums spent at the Grand Connaught Room, WC2, event closed at almost ?13m, and strong demand post auction pushed success rates to 72% within hours. The latest results push totals raised by Andrews & Robertson, one of the UK’s top four auction houses, to just under ?100m so far this year, with an average success rate of 71%.

Several big ticket items were among the highlights of the day, but prices averaged at ?196,000. There was healthy competition for fresh to market local authority lots, receivership sales, vacant property with potential to add value through refurbishment or development, as well as tenanted flats and houses.

Robin Cripp, senior auctioneer, commented: “As economic instability continues to cause anxiety in the wider markets buyers are looking very closely at property in London locations and have faith. This geographical area is our home ground.

“Andrews & Robertson have specialised in the London property market for more than 100 years and we believe this is an area in which we can offer clients a value-added service.”

The busy room saw the gavel fall on:

• The largest lot of the day: a highly reversionary investment comprising four freehold semi-detached houses arranged as 30 self contained flats in Gleneldon Road, Streatham, SW16. It was producing ?174,000 per annum and sold to a local investor for ?2,415,000 off a guide price of?2.3m.

Other highlights included:

• Two flats in Kings Avenue, Clapham: offered on behalf of the London Borough of Lambeth and guided at ?510,000 for the pair. This lot stirred up serious interest prior to the auction with 26 viewings, culminating in some spirited bidding before the sale and achieving ?602,000.
• Professional buyers looking for an opportunity to add value, chased a freehold block in Purley Court, Brighton Road, Purley. The detached block of 24 flats, 23 of them sold on long leases and 1 flat occupied by a regulated tenant, had planning permission for an additional floor to providing a further six flats.Guide price of ?450,000: sold for?475,000.
• 26 Corringham Road, Wembley: a detached house offered on behalf of the treasury solicitor. Located in a good residential area with more than 50 viewings made by owner occupiers and investors. After lengthy and competitive bidding it sold for ?408,000 against a guide of?270,000.
• Andrews & Robertson’s final auction of 2011 is held at The Grand Connaught Rooms, WC2 on Monday 8th December. We look forward to seeing you there.

Robin Cripp
Chairman and Senior Auctioneer

Posted in ASR News