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Network Auctions nets record total from fewer lots

Auction-hammer-THUMB.jpegNetwork Auctions posted its highest sales total last week despite a smaller-than-usual catalogue.

The £6.3m raised is an 85% jump on the takings from last October’s sale and builds on the £5.8m reported last month.

At 76%, the success rate was down on September’s 84% but is in line with figures over the past year.

The top lot was a five-bedroom house in Iver, Buckinghamshire, which had a guide price in excess of £995,000 and sold for £1.1m.

A block of 32 flats in Torquay, Devon, sold for £1m against a guide price of £850,000 to £900,000. The block, which sits on a 0.8-acre plot, provided sheltered housing for the elderly and has development potential. Of the 32 flats, 15 are let providing an income of £75,888 pa and a gross yield of 7.6%.

The sale took place on 21 October at the Grosvenor House hotel, W1.

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