08 November 2011|
Prices on London postcodes harden at Andrews and Robertson’s October auction.
A general shortage of well priced quality residential stock bearing London postcodes pushed prices well above guides at Andrews and Robertson's 26 October auction sparking robust bidding between owner occupiers and investors.
Sums spent at the Grand Connaught Room, WC2, event closed at almost £13m, and strong demand post auction pushed success rates to 72% within hours. The latest results push totals raised by Andrews & Robertson, one of the UK's top four auction houses, to just under £100m so far this year, with an average success rate of 71%.
Several big ticket items were among the highlights of the day, but prices averaged at £196,000. There was healthy competition for fresh to market local authority lots, receivership sales, vacant property with potential to add value through refurbishment or development, as well as tenanted flats and houses.
Robin Cripp, senior auctioneer, commented: "As economic instability continues to cause anxiety in the wider markets buyers are looking very closely at property in London locations and have faith. This geographical area is our home ground.
"Andrews & Robertson have specialised in the London property market for more than 100 years and we believe this is an area in which we can offer clients a value-added service."
The busy room saw the gavel fall on:
Other highlights included:
Chairman and Senior Auctioneer