Autumnal changes in October property auction sale
A high level of pre-auction interest for the October sale, a busy room on the day and several post-event sales demonstrate that there are still plenty of buyers and sellers ready and willing to do business in the UK property market. The interest is there, but as shown in the results across the sector, this doesn't always translate into bidding in the saleroom, as witnessed with some of the lots in our sale.
Despite this, the earl residential lots sold well with a house in Leyton E10 offered on behalf of the Court of Protection selling for £385,000 against a guide of £320,000+ and a nearby 2-bed house selling for £390,000 against a guide of £340,000-£360,000. Closer to central London, a 2 room flat in Clerkenwell, guide3d at £325,000+ sold for $435,000.
The highest price of the day was £1.5m for a mixed commercial and residential investment in Chadwell Heath producing £76,500pa plus a vacant flat, so a sub 6% yield, with the adjoining property selling for £382,000, a little over 5.25%.
Another mixed commercial/residential investment in Ilford, producing £42,340pa, sold for £650,000, about a 6.5% gross yield and small takeaway shop and ground rent in Upminster sold for £216,000, about a 6.5% return.
Several sites offered on behalf of JCDecaux created a healthy level of activity with two sites in Rochester and Bradford for exceeding their nominal guides.
Towards the end of the sale, a portfolio of 55 freehold lock-up garages in Romford sold for £455,000 off a guide of £350,000-£360,000 and two separate building plots in Hackney, each for a single house, sold for £275,000 and £400,000.
Post-auction interest in a number of unsold lots will add to the total which currently stands at just under £9million but, in summary, it was a mixed sale which to a degree continues to reflect the currently unsettled economy.