July sale raises over £8m

Posted by Strettons on 25th July 2019 -

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.