Our sale on 12th April was our third of the year with the combined results of our auctions this year demonstrating that buyer appetite for a well located property remain strong. A brief look at our results over the rst three auctions of this year compared to last year show:
Instructions up 18% to 591 lots offered
Sales volume up 65 lots to 450 lots sold
Capital value of sales up 23% to £84 million
The sale held on 12th April was our rst sale since the change in Stamp Duty rates introduced on 1st April. Speaking after the auction, Divisional Managing Director Chris Glenn said: "Whilst we did detect a degree of caution from some buyers, it remain clear that quality well located lots were snapped up through competitive bidding and buyers recognising that any additional costs that they now face with their purchase would quickly be dissolved by continuing house price rises driven by demand".
Examples of this include lot 6, 17 Woodlands Gate, Putney, an unmodernised second oor at offered by Mountview Estates Plc. Guided at £320,000, the at eventually sold for £375,000, only £3,000 less than the best sale price achieved in this block for a fully modernised at (data from Land Registry).
One of the star lots of the day was lot 1 offered on behalf of London
Borough of Wandsworth which sold immediately after the auction for
£1,350,000 from a guide price of £1,200,000. Further examples include
lot 9, 59 Athelstone Road, Harrow, an unmodernised mid terrace house
offered at a guide price of £295,000 and eventually selling for £382,000.
The auction included two lots offered on behalf of The Royal Borough
of Kingston upon Thames. Lot 72 was a block of nine garages in New Malden and was guided at £130,000 and ultimately sold for a staggering £387,500, equivalent to over 43,000 per garage. The Royal Borough of
Kingston upon Thames also offered lot 73, three garages at Barn eld Gardens in Kingston upon Thames which sold for £127,000, nearly a £100,000 over its £30,000 guide price.
Chris Glenn further commented after the sale "Whilst it is inevitable that
some buyers having to pay the additional 3% stamp duty premium will
consider this when they are bidding, it remains that sellers offering well
located property for investment, development or owner/occupation
with realistic prices will attract multiple bidders and can expect through
competitive bidding to achieve very strong sale prices as one shouldn't
forget, not all bidders in the auction room are buying second homes
and not all bidders will be faced with the additional 3% SDLT levy.
The next Barnard Marcus auction sale will be held on 17th May and instructions for this sale will close on 25th April with the catalogue published on Friday 29th April.
Forthcoming Auctions for 2016
17th May at The Grand Connaught Rooms
21st June at The Grand Connaught Rooms
To include your property in one of our forthcoming auctions or for a free no obligation discussion, call our auction team on 020 8741 9990
Date of next auction
17th May 2016
Deadline for entries
Friday 22nd April 2016