Revenues topped £26m at Barnard Marcus’ central London auction this week as South East and London properties sold well.
The success rate at the 28 June sale at The Grand Connaught Rooms, WC2, reached 64%, with 103 of 163 of the residential lots on offer selling.
Auctioneer Chris Glenn said: “A portfolio of properties was withdrawn from the sale and this affected our success rate, which was disappointing, but overall it was a good result and one of the higher totals in recent months.
“Quality, well-located stock, particularly in London, is key to the market at present. We have seen a return to fundamental investment principles: it is all about location, location, location.”
A total of 35 properties were sold before the event as buyers sought security of sale, but those who stayed with the auction process were well rewarded, achieving prices well above guides on many occasions, said Glenn.
Housing association stock and health care trust properties also proved popular, sparking competitive bidding and achieving strong final bids from buyers including buy-to-let investors, owner-occupiers and property companies.
A portfolio of three properties offered on behalf of the London Borough of Wandsworth all achieved good prices.
These were a leasehold ground-floor flat on a new 125-year lease guided at £290,000, which sold for £430,000; a ground-floor flat in Battersea, SW11, which made £226,000 off its guide of £165,000; and a mid-terrace house in Tooting, SW17, which sold for £258,000 off its guide of £250,000.
Five freehold houses sold for South London and Maudsley NHS trust for a combined total of £968,000, from guides totalling £815,000.
