A luxury six bedroom property on a gated estate in Surrey has sold for £2.8m at Auction House London’s recent sale (Wednesday 21 February 2018).

Bidding started on the property in Kingston upon Thames, which included a house, garaging and annexe, at £2.5m, and quickly rose by £200,000 with tension rising in the auction room. Thornley which is part of Coombe Park, had been on the market through traditional estate agents for 2 years and came with planning permission in place, for its demolition, and replacement with another six bedroom property. After fierce competition between potential buyers, the hammer came down at £2.8m.

Director and auctioneer, Andrew Binstock, said, “Good property will always find its own price level, and the seller of Thornley was delighted with the result. This sale put an end to years of uncertainty and the property sold for close to the price at which it had been previously marketed.”

The recent Auction House London sale raised just under £18m (£17,953,500).  Another highlight of the room was a three bedroom end of terrace home in Borland Road, Peckham, which came with a small amount of land to one side. Bidding started at £575,000 and the property sold for £781,000. The property which has a huge potential for redevelopment sparked a lot of interest among buyers.

Andrew Binstock added, “The London market is looking for properties which provide good value for money and which are honestly priced. Properties with a reasonable guide price will attract buyers, and sell particularly well in the current climate.”