Strettons achieves £13 million at December sale

Strettons raised £13 million at its 10th December auction, selling 70% of the properties on offer.

This strong performance amidst difficult market conditions means that Strettons has exceeded its 2017 totals, both in terms of the amount raised (which is currently £63 million) and the number of properties offered, up 30%.

The firm has ended the year with an average success rate of 75% - one of the highest success rates amongst the UK’s leading auction houses.

The highest sale of the day was for a vacant freehold place of worship in Forest Gate E7, which sold for £2 million. Another notable sale included two intercommunicating houses in Hove which sold prior for in excess of £1.5 million.

What’s more, a pair of commercial units in Bishops Stortford sold for £484,000 against a guide of £425,000-£450,000, while a freehold commercial investment in High Wycombe sold for £336,000 or a gross yield of 6.85%.

Elsewhere, a selection of mixed residential and commercial properties in Weston-super-Mare sold for prices ranging from £65,500 to £225,000 while a shop in Loughborough let to Corals for £9,500 sold for £110,000.

Strettons said the final tax blow on second home owners has impacted on the buy-to-let market, with some of the residential lots struggling to reach reserve. However, several exceeded guide, including a vacant freehold house in Tottenham N15 which sold for £420,000 against a guide of £390,000-plus.

Another lot in Leyton E10 sold for £425,000 against a guide of £390,000-£400,000 and a house in Canning Town E16 sold for £380,000 against a guide of £350,000-plus.

A selection of sites dotted around the country – which were offered on behalf of JCDecaux – mostly exceeded guide by a substantial margin.

Meanwhile, the sale of a selection of freehold ground rents closed the auction.

“Given the hesitation in the market resulting from the broader economic and political environment, I am pleased with the results of our December auction and to have exceeded our 2017 performance, both in terms our sales total and number of lots offered,” said Philip Waterfield, auctions director at Strettons.

“A busy room at our December auction and the number of post event sales taking place show that there is still healthy interest in the auctions sector and hopefully, regardless of potential fall-out from Brexit, this will continue into the New Year.”

Strettons’ first sale of 2019 is on Wednesday 6th February, with the catalogue online from 16th January 2019 and lots invited.