More than £35 million worth of London property was sold in a single day during one of the first major sales of the autumn auction season.
Allsop auctioneers sold 59 properties within the M25 at the sale, ranging from trophy homes in commuter enclaves to run down urban flats, with a collective value of £35,686,000.
Gary Murphy, partner and auctioneer at Allsop, described the result as “very encouraging”. “We were worried about the impact post-Brexit, but it has been business better than usual,” he said.
The most spectacular success of the day went to the St John Ambulance charity, which sold a small tumbledown meeting hall in Greenford, west London, for £480,000 — more than six times its original guide price — after a fierce bidding war.
In Anerley, one of the cheapest districts in south-east London, a buyer spent £1.91 million on two semi-detached houses (arranged into six flats) busting the guide price by more than half a million pounds.
Again at the lower end of the market, a “one-up one-down” house in Plumstead, also in south-east London, a garage with a space above, sold for £65,000.
“We have not really faced a great deal of impact post-Brexit,” said Mr Murphy. “I think that central London was already having a price correction — it was slightly over-heated — but in the “normal”, more affordable areas prices are not falling at all. They may be increasing at a slightly slower rate than before, but that is all.”
If anything, said Murphy, sellers have been more nervous than buyers. “Some have been reluctant to put a property onto the market until they have seen some calming of the waters, so we have had slightly smaller catalogues, but actually there has been no reduction in demand.”