Strettons March sale raises £8.25 million

Strettons raised a healthy £8.25 million at its spring sale and exceeded its total in last year’s March auction despite market uncertainties.

The sale, held on Tuesday 27 March at the Grand Connaught Rooms, London, saw the total raised so far in 2018 reach £15.75 million.

The highest value lot on the day was a house in Dartmouth Park NW5 which sold on behalf of a housing association for £1.9 million. This was closely followed by a restaurant with development potential in Walton-on-Thames which sold for £1.35 million.

Traditional auction stock dominated demand, with three vacant flats in Clapton for improvement selling on behalf of Newlon Housing Trust for £880,000 against a guide price of £865,000-£875,000. A vacant house in Stepney Green also sold for £822,000 against a £700,000-plus guide price.

Other sales included two flats in Forest Gate producing £28,800 per annum which sold on behalf of a charity for £535,000 (showing a 5.4% initial gross return) and a small vacant flat in Stoke Newington which sold for £355,000 off a guide price of £300,000-plus.

What’s more, a freehold commercial ground rent in Leyton producing £14,290 per annum sold for £364,000, equivalent to just under 4% initial gross yield. Four garages with consent to develop a 2-bed subterranean house sold for £251,500, 19.5 acres of woodland and lakes in Surrey sold for £185,000 an acre, and two partially built houses in Scunthorpe sold for £100,000.

Philip Waterfield, auction director of Strettons, commented: “Whilst we have achieved a healthy sales total, it is clear that the market is not immune from nervousness resulting from the pressures of the broader economy.”

“However, we are confident that, as time has shown, the property market will be resilient.”

Strettons next sale will take place on 22 May with the catalogue online from the 2 May.