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Residential stock proves a drawcard for London auctioneers

Four of the most active London-based auctioneers sold close to £100m of residential stock in sales held in the run-up to the bank holiday weekend for the funeral of Queen Elizabeth II.

McHugh & Co held the largest sale, on 15 September, with private investors snapping up £41m of property.

The online auction saw 209 of 231 lots find buyers, a 91% success rate. A further 22 lots were withdrawn prior.

Highlights included a freehold house on Glenarm Road, Clapton, E5, which sold for £1.14m from a guide of £750,000 (lot 55). The four-bedroom property needs modernisation and offers potential for conversion to flats.

On Copenhagen Street in Islington, N1, a vacant house (pictured) which had been in the same family ownership for around 60 years sold for £1.2m from a guide of £900,000 (lot 19).

Regular client Mountview Estates saw one of its properties sell for almost 60% more than its guide. The one-bedroom flat on All Souls Avenue, Kensal Rise, NW10, sold for £399,000 from a guide of £250,000 (lot 14).

On the same day, Barnard Marcus raised £22m at its in-room sale at the Grand Connaught Rooms, WC2.

However, the success rate was much lower at 54%, with 150 of 279 lots finding buyers. Just over 30 lots were withdrawn prior.

Larger sales included a leasehold one-bedroom ground floor flat in Battersea, SW11, which made £525,000 (lot 5). It was sold with planning consent to extend to add an extra bedroom.

In Norbury, SW16, a pair of flats above shops on London Road sold for £432,000 (lot 6). There are 96 years remaining on the lease and there could be scope to reconfigure the two vacant flats.

Also on 15 September, Barnett Ross sold £8.2m of stock through its online auction. A shop with residential uppers in Bethnal Green, E2, sold with vacant possession for £575,000 from a guide of £600,000 (lot 11).

The previous day, Auction House London sold £26m of property in its live-streamed sale.

 

To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews

Image courtesy of McHugh & Co

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