“Covid 19 has changed the face of property auctions for ever” says Auction House London
The Coronavirus pandemic has driven a positive change in the auction industry which will remain, even after a return to room sales, according to auctioneers at Auction House London. It’s recent sale (Tues 15 September 2020) swept to its finish with an 83% success rate, having listed 107 lots for sale and raising over £22m (£22,085,350) – the largest amount for two years.
Director and Auctioneer at Auction House London, Andrew Binstock said: “Covid 19 has changed the face of property auctions forever. Before the pandemic, bidders could only bid by phone or proxy if they couldn’t attend the sale. But the restrictions meant we had to open proceedings to everyone watching via our livetream feed - which has actually suited our buyers and sellers. So even when we return to room sales again, the internet process will continue in tandem.
“To begin with, we saw livestream sales as an ideal compromise - maintaining the theatrical element of the event, and allowing the auctioneer to adjust the pressure from the rostrum in real time, to get the best results from buyers. The process is also proving less stressful for vendors. All buyers now need to be registered ahead of the day so the level of interest in a property is clear before it reaches the auction. There’s no question that buying and selling property on the internet is here to stay!”
Competition was high for a number of properties at the recent sale which sold considerably above their reserve prices. Stars of the livestream auction included this 4 bedroom chalet bungalow (pictured) in a sought after area of Pinner, Middlesex; guided at £600,000, it sold for £702,000. In Mill Hill, London this ground floor flat proved another highlight. Startng from a guide of £180,000, two bidders fought it out and the property sold for £301,500.
Buyers are showing they have the appetitie to invest in property in the current climate and homes ripe for development are selling well at aucion. Almost six hours on the rostrum proved this for Andrew Binstock where so many lots had a number of strong bidders competing. This terrace in Wood Green, London was guided at £400,000 and sold for £501,000.
Andrew Binstock continued: “There are plenty of buyers who have embraced the current economic climate and there is a quiet confidence that investing in property is the best way forward. Investors are seizing the moment and not speculating on how the future will look in the property world.”
Auction House London is open for business as usual and is taking entries for its next sale on Tuesday 27 October 2020 at 12 noon – which is scheduled to be streamed live.