Sales rates dipped at Barnard Marcus’s residential auction to 55%.
The sale at the Grand Connaught Rooms, WC2, raised £12m as market sentiment tightened and buyers bought selectively. Of 141 lots, 77 sold, 23 prior including running offers.
Auctioneer Chris Glenn said: “In terms of sale prices, we were pleased with the outcome, but the sale rate is not where we would have liked. Property that has been languishing on the private treaty market for some time and then comes to auction with a marginal price difference is proving difficult.”
He added: “Debt is harder to come by and bidders are being more selective. The market is patchy in terms of what will and will not sell at present and there is less speculative buying. We are waving gavels, not magic wands.”
The success rate was well down on the company’s July auction, when 70% of the catalogue sold, raising £18.8m.
Highlights of the sale included a terraced house in Clapton, E5, that made £442,500 off a guide price of £175,000.
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