Andrews & Robertson saw its sale rate dip at its mixed residential and commercial auction on Tuesday.
The auction house, which was bought by veteran auctioneer, Robin Cripp, last year saw its sale rate drop from 75% in July to 61% at its sale at the Grand Connaught Rooms this week.
It raised £15.3m from 142 lots and blamed the dip in its sale rate on a slowing of sales in the North.
Based on the 111 lots offered in London and the Homes Counties, its sale rate was 75%.
It reported that competitive bidding for homes in the two regions meant that sale prices averaging 36% above guide prices.
Cripp, senior auctioneer and chief executive, said: ‘We were very pleased with the results achieved, particularly on our Southern lots. Prices were very strong, especially those in London.
‘We accepted a portfolio of 31 vandalised houses in Manchester on behalf of a regular client and knew they could be a challenge to sell, but because we believe in offering our vendors every opportunity to sell through the room, rather than focus exclusively on our success rate, we realised this might have an impact on our turnover and this proved to be the case.’
Notable sales on the day included lot 2, 60 Lancaster Street in Southwark, which was sold on behalf of the City of London for £515,000 compared to a guide price of £285,000, and lot 53, development land at St Stephens Avenue in Shepherds Bush with consent to build five flats which was guided at £450,000 but sold for £595,000.