Auction House London - Property demand remains high heading into Lockdown 2
The property market shows no signs of slowing down according to Auction House London, following another top performing sale (Tues 27 October 2020) raising almost £21m (£20,850,600).
Since sales went totally livestream in March due to the Coronavirus pandemic the market has boomed for Auction House London, with many lots attracting fierce competition. A three bed end terrace in Northolt, Middlesex, had 29 registered bidders. Starting at a guide price of £500,000, it finally sold at almost double, for £926,000.
Auction House London Co-director, Jamie Royston said, “The auction marketplace remains upbeat with plenty of incentives to buy and sell with the stamp duty holiday until March 2021 and borrowing still at low interest rates. Property continues to look like the best place to invest money and is certainly less volatile than the stock market.”
At the recent Auction House London sale, 82% of the 93 lots offered, sold, and property with development potential is in particularly high demand. Highlights included a 5 bedroom terraced house in Brixton, complete with an office and warehouse on the site – ripe for changing. It was guided at £700,000 and sold for £1.21m. In Ealing, a1950s two bedroom, first floor maisonette with just 20 years left on the lease and plenty of potential to extend that, was guided at £75,000 before selling at £251,000.
Jamie Royston continued, “There has been a strong upward trend in residential sales since June 2020 and we expect this to continue. Livestream property auctions have really taken off, proving popular and successful for both buyers and sellers.”
Auction House London is open for business as usual and is taking entries for its next sale on Wednesday 9 December 2020 at 12 noon – which is being streamed live.