Timewarp home sells through Auction House London at well above guide price

A four bedroom home in Edgware which has been owned by the same family for more than 70 years sold through Auction House London (19 July 2017) for an unexpected £1.12m.

Time seems to have stood still at The Cedars in Mill Ridge and the property now needs total renovation. It has a quarter of an acre of garden and the auction lot attracted a great number of potential buyers, with its starting guide price of £850,000.

Director and auctioneer Andrew Binstock said, “This property is on a large plot of land and could make a fabulous family home. It’s thought that this family has owned the house since shortly after it was built, but it now needs complete modernisation. Alternatively, the site is big enough to develop by creating a number of flats in the house and for that reason this lot appealed equally to investors and developers at the sale.”

The auction on Wednesday 19 July 2017 at the London Marriott Hotel in Regents Park raised almost £18m (£17,703,950), with 112 lots on offer. The room was busy with people keen to buy from a wide range of stock on offer.

A recent partnership deal means that Auction House London is now selling all future auction properties listed by Countrywide in the capital.

Andrew Binstock added, “As our brand is growing we’re finding increasing numbers of corporate clients want to use us, and although we no longer cherry pick all the auction lots we list, this alliance means we have a wider stock to offer buyers. Although we are selling a lower percentage of what we offer, we are listing and raising more in sales.”