July auction raises over £8m
There was strong demand for well-priced vacant residential lots with the first lot of the day, a house in Edmonton N9 guided at £250,000+, selling for £323,000 shortly followed by a pair of houses in Bromley, one let, one vacant, guided at £460,000+, selling for £572,000. Adding to this, a house and bungalow in Barnet sold for £690,000 and £461,000, respectively and a house in NW9 for £660,000 off a £500,000+ guide.
The highest price in the room was £835,000 for an income-producing residential & commercial property in East Street, Barking, showing an initial 6.8% gross yield.
Further afield, a vacant shop and flat in Snettisham, close the Sandringham Estate, sold for £245,000, 25% above guide and a dilapidated building in Chester, next to the station sold for £98,000 against a £25,000-£30,000 guide.
The majority of sites offered on behalf of JCDecaux sold well with some far exceeding guide including a site in Derby guided at £90,000-£100,000 which sold for £158,000 and a site in Middlesbrough guided at £35,000-£40,000 which sold for £166,000.
A selection of freehold ground rents closed the day and, as usual, attracted competitive bidding.
So, in a continued atmosphere of political uncertainty, the market appears to remain cautious, realistic pricing encouraging the most interest.
Check out all the results and available properties from our July sale by clicking here.
Our next sale is 11th September with the catalogue online 22nd August. So, please do contact us over the summer to discuss potential sales and we wish you an enjoyable break.