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January 13, 2010
JLL Reports Falling Success Rate at Auction
A lack of reasonably priced, good stock on the market, appears to have taken its toll at the JLL auction. Only 63% of 54 lots were sold, compared with 82% in October. Richard Auterac, JLL’s joint head of auctions said “The competition for the best grade A stock continues in earnest, but this end of the market is plagued by lack of supply. However, the overflow into more secondary properties appears to have slowed since October as investors remain cautious about the occupier market.”
The lots that sold achieved an average 26% above the guide price. London and the Home Counties performed particularly well, reflecting the continuing strong demand and shortage of supply of prime properties in The South East.