Auction House London sales buck the trend
Auction House London sales buck the trend despite reports of the cooling housing market
Properties are still in high demand say auctioneers at Auction House London with no drop in the number of lots selling or in the number of bidders registering to buy at auction.
In its recent sale (Wednesday 29 June 2022) 92% of the 130 lots offered, sold, raising more than £25m (£25,109,500).
Auctioneer and Director of Auction House London, Andrew Binstock said, “There seems to be no loss of appetite from buyers when it comes to bidding at our auctions. Plots of land and properties with potential are continuing to attract a lot of attention in the livestream saleroom. There are reports that the market is softening but so far that is not evident in the auction room with competition remaining strong.”
Properties with potential are being snapped up proving they’re top of a bidder’s list at auction with many selling well above their guide and reserve prices. This three-bedroom mid terrace house in Whellock Road, Chiswick was guided at £775,000 and sold for £946,000. It needed total refurbishment and had the potential to be extended into the garden and loft once planning is approved.
In Enfield, Middlesex, Lot 2 proved a similar story where a property in Riversfield Road, attracted fast and furious bidding. The three-bedroom semi which needed refurbishment was guided at £430,000 before the hammer came down at £552,000.
This two-bedroom terrace house in Fenton Avenue, Staines, Middlesex started last week’s sale off and the seller was not disappointed. Bidding started at £200,000 before it sold well above its reserve at £370,000. Once again, the house needed an overhaul, and the property is close to good transport links.
Andrew Binstock continued, “From our perspective, the number of buyers and the amount of properties we have to sell are remaining consistent. There are plenty of serious buyers willing to fight hard for a property in the auction room but with a possible cooling of the market, buying at auction is all about the potential that can be achieved with a purchase. People still feel that investing in property is a safe bet.”
Auction House London is now taking entries for its next livestream sale on Wednesday 3 August 2022.