Almost half the catalogue was left unsold at Harman Healy’s 8 July auction at Kensington Town Hall, W8.
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Almost half the catalogue was left unsold at Harman Healy’s 8 July auction at Kensington Town Hall, W8.
The sale closed with a success rate of 53%, and raised just over £2m, as 23 out of 44 lots were sold. Post-sales increased the success rate to 62% and the total to £2.2m.
Investors cherry-picked stock as latest house price indices showed that prices had softened for the third month in a row.
Auctioneer Nick McLachlan said that the firm had been expecting a tough sale.
He added: “The economic background, uncertainty over unemployment, the squeeze on funding and the fact that the July sales tend to be more challenging anyway, means that it is not entirely surprising.”
Up to 80% of the catalogue was made up of priced-to-sell distressed lots, which McLachlan said was higher than normal.
Notable sales included a five-bedroom, detached house in Hartlepool, Cleveland, which sold for £128,000 off a guide of £90,000; a fire-damaged house in Ponders End, N9, which made £183,000 off a guide of £70,000-£100,000; and a mid-terrace house in Kettering, Northamptonshire, which was guided at £55,000 and sold for £70,000.
estelle.maxwell@estatesgazette.com
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