LONDON- London auctioneer Strettons says the market was worsebefore 11 September than afterwards. Its 10 September sale showedhigh prices but was tinged with an overall element of caution. Thefirm says that buyers were reluctant to open the bidding on severalof the lots which, just prior to the summer break, would haveattracted considerably more demand.

By contrast, Strettons' 26 November sale went better. 'Althoughthe press had been referring to price reductions within theresidential sector, partly in the aftermath of 11 September, therewas no evidence whatsoever of this in the room,' says Strettons'Graham Slyper. 'Indeed, overall the prices achieved showed anaverage excess over reserve of 28.5%, and speculative propertiesseemed to fare especially well. We sold 119 of the 136 lots offered(88%) for a total of £12.9 million ($18.7 million).'

Strettons' total realisation for 2001 was more than £72 million($104 million), representing a 34% increase on year 2000. 2001 alsosaw an increase in Strettons' average lot size, which increased by20% from £98,943 ($143,250) to £118,853 ($172,075).