09 April 2014|
Energetic competition for London residential postcodes sent final bids well beyond margins at asr’s Spring auction as demand outstripped supply, with momentum fuelled by heightened confidence in the capital’s property market.
Prospective home owners with money or funding in place jockeyed for position against seasoned and new investors, attracted by the speed and efficiency of auction as a method of sale compared to the private treaty market at The Hotel Russell, London WC1 on 7th April.
A total of 55 out of 79 residential and secondary commercial properties were sold via auction, reflecting a 70% success rate and raising £14.1m. Properties including development and refurbishment lots, tenanted or vacant, with added-value potential within Greater London and the M25 drew multi-bidding, with interest in local authority lots proving particularly sharp.
Robin Cripp, asr Chairman, said: “This was a very strong auction and we are seeing a huge rise in energy levels among professional buyers, coupled with increasing demand for residential property rippling throughout the London boroughs and beyond the M25 at last.
“The market has swung in favour of vendors and with increased funding fluidity we see no signs of prices stalling in the near future, despite talk of an increase in interest rates next year.”
Star performers included:
182, Stockwell Road, Brixton, SW9: Virgin stock fresh to market after 24 years in the same ownership, this large house split into flats was in need of modernisation. Provoking heated bidding it made £1.080m off a guide of £700,000 plus.
Flat 23 Jessell House, Kings Cross, WC1: A long leasehold flat on an assured tenancy that sold for £425,000 off a guide price £360,000 plus.
The former Mayor of Southwark’s Garage, Rear of Peckham Road, SE5: A former coach house with redevelopment potential, sent bidding through the roof, making £550,000 off a guide price of £200,000 plus for the London Borough of Southwark.
109 Ivydale Road, Nunhead, SE15: a freehold site with a prefabricated building and development potential, made £355,000 off a guide of £130,000 for the London Borough of Southwark.
If you are considering selling a residential or commercial property then our dedicated auction team would be delighted to discuss the best strategy for you with no obligation. For further information or for an appraisal of your property’s suitability for auction please contact: Dominic Smith, Jeremy Lamb or Michael Atwood on 020 7703 4401, Robin Cripp or John Weatherall on 020 7808 8530.