Auctions in clover
Wembley pub, guide £1.05m, Acuitus
Allsop is claiming Ireland's largest property auction, held in Dublin at the beginning of December. Some 108 properties were offered to a packed room of domestic and international buyers. At the halfway point, around 1,600 bidders had attended and 31 properties received remote overseas bids. At time of writing, 99 lots had sold, a success rate of 91 per cent. The total raised was 11.4 million euros (around £9.75 million).
Gary Murphy, director and auctioneer for Allsop Space, says: "During 2011, we have sold 51 million euros' worth (£43.7 million) of property and clearly established that there is a market in Ireland when properties are priced sensibly and the open market establishes true value in a transparent environment." Highest price achieved on the day was 630,000 euros (£540,000). Lot 109, Dublin 4, a commercial building with two restaurants, was offered with a maximum reserve of 485,000 euros (£415,000). Another highlight was a four-bedroom lakeside house with access to tennis courts and a marina in Shercock, County Cavan, maximum reserve 50,000 euros (£43,000). It sold for 131,000 euros (£112,000).
Back in the UK, Savills' residential auction in October raised £30.895 million with an 83 per cent success rate. Auctioneer Christopher Coleman-Smith says: "This was the best result for any London auctioneer in October. It demonstrated that there is still an appetite for people buying at auction despite the economic climate." One of the main reasons for success was the diverse range of properties, but the strongest lots were in London. A studio flat in Pimlico (guide: £200,000) sold for £310,000 and a derelict community centre with D1 use in Feltham, Middx (guide: £800,000) sold for £1,050,000.
On offer at the next Savills auction, on December 12, is 75 Iver Lane, Cowley, Uxbridge, a cottage (with 70ft garden) in need of modernisation and refurbishment, guided at £170,000.
A general shortage of well-priced quality residential stock with London postcodes pushed prices well above guides at Andrews and Robertson's October auction. Sums spent at the sale closed at almost £13 million and strong post-auction demand pushed success rates to 72 per cent within hours. Prices averaged £196,000. Robin Cripp, senior auctioneer, says: "As economic instability continues to cause anxiety in the wider markets, buyers are looking very closely at property in London locations and have faith. This geographical area is our home ground."