‘Fierce bidding’ reported at Auction House London’s latest date

Auction House London raised £17.2m from the sale of 67 of the 90 lots offered at its sale last week, reflecting a 74% success rate.

Last week’s sale fell £1.2m short of the £18.4m raised at its equivalent auction in early November last year, even though the catalogue was larger. At the 2016 auction, 81% of the 73 lots on offer were sold.

However, Auction House’s latest sale was an improvement on its last auction in September, when £16.9m was raised and the success rate was 70%.

“This was an exciting sale and the bidding was fierce from start to finish,” said Auction House London auctioneer and director Andrew Binstock. “A packed auction room of people intent on buying delivered the results we wanted.”

The largest lot of last week’s catalogue, a 5.8-acre development site near Clacton-on-Sea, Essex, was sold prior to auction. The site has planning permission for 47 bungalows and two houses. Guided at £2.7m, it sold for £2.9m.

Two lots sold in the room for more than £1m. A detached house in Mill Hill, London, achieved its guide price of £1.6m, while a mansion in Nottingham, which was guided at £900,000, eventually sold for £1.1m, reflecting a 10.5% yield.

Another significant lot was a terraced building arranged as a ground-floor shop and two upper flats in Greenwich, south London. Guided at £650,000, it sold for £675,000, reflecting a 2.5% yield.

Also in south London, a two-floor house in Battersea achieved its guide price of £485,000.

Auction House London’s next sale will be held on 13 December at the London Marriott Hotel Regents Park.

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