25 February 2013|
Competition for well priced secondary lots and vacant and tenanted residential properties around the M25 reached fever pitch at andrew scott robertson's first auction under its new corporate identity, raising £21m within hours.A packed room at the Hotel Russell, London WC1 on 19th February witnessed multi-bidding on properties perceived to offer value for money or in desirable locations. Although investors favoured residential lots, there were real signs of uplift in demand for secondary commercial investments.
Success rates peaked at 79% as some 121 out of the 154 properties offered were sold for an average cost of £173,222. AST yields averaged at 9.2%, Regulated Tenancy investments returned an average of 6.3%
Robin Cripp, asr's Chairman, said: "There was feverish bidding on well priced properties and a vibrant atmosphere in the room. This was our best individual result in 12 months and it is an encouraging signal for the market in general.
"There was a noticeable improvement in confidence, large increments between bids, an increase in numbers of new faces and growing numbers of familiar faces returning to auction after a long absence. The demand for correctly priced property is definitely there.
"Some individual prices were very strong particularly on London vacant residential lots which sparked competition and multi-bidding between owner occupiers and developers. I would normally sell an average of 20 properties in an hour, however this sale we averaged 15 an hour which demonstrates the depth of bidding in the room."
A total of £15m was raised from sales of properties located within the M25. The largest lot of the day raised £1.030m under the hammer from a guide price of £750,000.The vendors were a Housing Association. The four storey vacant house was split into three self-contained flats in Cologne Road, Battersea, SW11, a desirable postcode for investors and home owners alike.
Other highlights included:
Andrews & Robertson's next auction is on the 15th April 2013.
Our next auction takes place on 15th April at The Hotel Russell, WC1. We are now accepting instructions.If you are considering selling then our dedicated auction team would be delighted to discuss the best strategy to achieve an optimum result.
For further information or for an appraisal of your property's suitability for auction please contact:
Robin Cripp or Jeremy Lamb at our Chelsea office: 0207 808 8530
John Weatherall or Dominic Smith at our Camberwell office: 0207 703 4401
We look forward to seeing you in the room.
Chief Executive and Senior Auctioneer