Auction House London battled through a tough sale, with bidding levels down ahead of next week’s Brexit vote.
The 7 June auction raised £18.9m from 85 lots, achieving a 78% success rate – the first time AHL’s success rate has dropped below 80% since 2011.
Director and auctioneer Andrew Binstock said: “It was tough compared to the previous three auctions. This Brexit nonsense has affected people’s thoughts on whether they want to wait until after June. We, like everyone else, have to battle on.”
Lots that would normally have been expected to sell well attracted no bids, and the usual post-sale flurry did not happen.
“All our 14 advertisers said that every auction room has been flat this month,” he said. However, some auction houses, including Andrews & Robertson, are reporting continued demand.
Binstock expected bidding to return to normal if the UK voted to stay in the EU, but said a vote to leave would result in a dip in property prices.
However, there were some bright spots. A double-fronted terraced house arranged as eight self-contained studio flats in Stockwell, SW9, sold for £1.5m off a guide of £1.4m.
Several houses in the North of England had multiple bidders, which Binstock put down to buyers looking for smaller, safe investments.
They included a freehold house arranged as two one-bedroom flats in the Wirral, which sold for £57,000, double its reserve. Both flats are let and produce a combined income of £9,100 pa – a 15.9% yield.
The sale took place at the Landmark London hotel, NW1.
