Jones Lang LaSalle yesterday recorded its worst auction result for nine years.
The UK’s second largest property auctioneer sold only 62% of the 86 properties offered in the room, its worst success rate since July 1998.
The result will bring fresh uncertainty to the market.
It had been hoped that the autumn round of commercial auctions would provide a boost in sentiment for the investment market.
Last Thursday’s Allsop sale was gave cause for optimism, with the country’s leading property auctioneer achieving an 80% success rate.
The JLL sale raised £50.6m, compared to £111m in the equivalent sale last year.
However, the firm will take comfort from the high average lot size of £954,000.
JLL senior auctioneer Richard Auterac said the sale was no cause for alarm, pointing to the fact that the Benchmark bank sale and leaseback lots still sold well.
Doom and gloom
‘I don’t think its all doom and gloom, and this sale shows that there is still a market for property out there,’ he said.
‘I think with this sale we were challenging the market.
'There were a lot of larger lot sizes, and unlike with Allsop, the catalogue was not predominantly retail.
‘I think what the sale shows is that the market knows where the pricing should be with retail, but there is still uncertainty surrounding offices and industrial.’