A high number of investors up and down the country are continuing to turn to auctions to invest in property despite heightened political and economic uncertainty following the EU referendum, as well as the introduction of higher property taxes for those acquiring additional homes.
Thousands of properties have been sold under the hammer this month, which acts as a barometer to what’s going on in the wider market.
Philip Waterfield, director at Strettons, said: “Despite the stamp duty increase on second homes and uncertainty caused by Brexit, the market still seems strong which is a positive sign for the remainder of the year, and hopefully beyond.”
Strettons’ October auction, which took place at Grand Connaught Rooms in central London, raised £12m with a 77% success rate, including post-auctions sales. The auction brings Strettons’ 2016 total to £53m.
A glance at the auction results show that 89% of properties in the October auction were located within the M25, with vacant residential properties in east London attracting particularly strong interest.
The highest price of the sale was for lot 42, a freehold residential investment plus two vacant commercial units - one with residential planning permission - in east Dulwich which sold for £1.16m.
At the other end of the price range, the lowest price of the sale was £11,000 for lot 50, a garage and land in Enfield, Middlesex.
Meanwhile, Pennycuick Collins sold 10 of the 12 lots on offer - 85% sales success – in Birmingham on Tuesday, raising a total of just over £1.3m.
A three-bedroom semi-detached house in the Shirley area of Solihull, B90, was the most expensive property sold on the day. The property, which could potentially produce a rental income of around £950pcm, was snapped up for £195,000.