Business as usual for Auction House London despite Brexit uncertainty

Investors and developers filled the Auction House London saleroom last Thursday (9 May 2019), with a former library taking centre stage, putting Brexit to one side, with some furious bidding.

Bidding for the redundant library in Maple Road, Penge started at £585,000 with the hammer coming down at £652,000. There is planning permission to convert the first and second floors into flats with the ground floor remaining for educational use.

Director and Auctioneer at Auction House London, Andrew Binstock said, “Among auction buyers the chat over Brexit has subsided and the flavour of the room is ‘business as usual’, with well priced properties attracting the most ardent attention.”

In Barking, a four bedroom mid terrace house in Faircross Avenue went under the hammer at £250,000. The property which is well placed for shops with good travel links, sold at more than £100,000 of its guide price, at £352,000. It’s over three floors with a rear garden.

79% of lots were sold at the Auction House London sale with the 87 lots raising almost £12.5m

Andrew Binstock said another highlight of the day was a development plot in Radlett, Hertfordshire. Currently the site in Watling Street has two garages but with this lot came with planning permission for a large detached home in one of the most desirable and affluent areas. So it’s not surprising there was something of a bun fight for this land.” The lot started with guide price of £375,000 and sold for £458,000.