Strettons raises £10.2m at September auction
Strettons has raised £10.2m at its September national property auction, with an 88% success rate.
The highest price of the day was achieved for lot 19, a freehold five-bedroom mid-terrace house in East Ham. The property produces £31,800 per annum and was sold for £495,000 against a guide of £425,000.
The sale set the tone for the auction, with the majority of freehold residential properties in east and north London all being sold above their guide prices.
Strettons has raised £10.2m at its September national property auction, with an 88% success rate.
The highest price of the day was achieved for lot 19, a freehold five-bedroom mid-terrace house in East Ham. The property produces £31,800 per annum and was sold for £495,000 against a guide of £425,000.
The sale set the tone for the auction, with the majority of freehold residential properties in east and north London all being sold above their guide prices.
In Harringay, a freehold residential investment comprising a two-bedroom house let on a regulated tenancy producing £12,272 per annum sold for £437,000, significantly above its £275,000 guide price.
In South Woodford, a tenanted two-bedroom terraced house producing £16,200 per annum achieved £472,000 against a guide of £395,000, and in Ilford, a vacant three-bedroom terraced house in need of modernisation sold for £442,000 against a guide of £350,000.
Strettons director and auctioneer Andrew Brown said the success of the residential lots offered showed that “properties at the right price and in the right location will find favour with investors, especially those already generating income or with development potential”.
The firm’s next sale takes place on 29 October.
