McHugh & Co’s latest auction saw a return to pre-stamp duty changes, with sales of £16.8m.
The total was down on the £28.8m the firm achieved in February, its last sale before the April stamp duty increase for buy-to-let investors, but that sale featured a larger-than-usual 92-lot catalogue.
Its previous sale, in December 2015, raised £16.1m from 51 lots. The latest auction saw 43 out of 50 lots sold, an 86% success rate.
Auctioneer James McHugh said: “It was well-attended and properties were selling well, with fierce bidding on most lots.”
A freehold garage in Cricklewood, NW2, guided at £25,000, sold for £80,000 – “an exceptional price”, said McHugh.
The largest lot sold on the day was a semi-detached house in Finchley, N3, arranged as four self-contained flats generating an annual income of £49,340. The property was sold to an investor for £1.3m off a guide of £950,000, a 3.82% gross yield.
Other highlights included an unmodernised freehold terraced house in Brixton, SW2, that was sold for executors for £886,000 off a £700,000 guide.
The sale took place on 4 May at the Montcalm Hotel, W1.
