Demand for property prompts an extra sale for Auction House London
Auction House London is holding an additional property sale on Wednesday 3 March 2021 after an impressive start to 2021.
More than eight out of every 10 lots listed were sold (85%) in its first auction of the year (Wednesday 10 February 2021) with almost £17.8m (£17,791,000) raised in sales.
The afternoon got off to a combative start with some fierce bidding on early lots, including a 3 bedroom detached house in Kingsdale Road, Plumstead, south east London which was guided at £250,000 before selling for £362,500. It has the potential to extend or redevelop and attracted a large range of buyers.
In Green Street, Forest Gate, East London, a three bedroom terrace over three floors (pictured above) was another highlight with a guide of £275,000, and selling at £442,500.
Director and Auctioneer, Andrew Binstock, said, “It’s a great start to 2021 and the market at the moment is clearly strong. The stamp duty deadline at the end of next month is having an effect and has meant there is a high demand for two sales in March.”
The Stamp Duty Holiday for all those buying properties below £500,000 was introduced as a temporary measure in July last year, in an effort to stimulate the market during the Covid crisis.
Andrew Binstock added, “Transaction volumes have jumped dramatically, and the obvious course of action is to help buyers and sellers complete on property sales by 31 March”.
Strong sales are not restricted to residential lots as this plot of land in Pinner, Middlesex showed at this week’s auction. The parcel of land measuring about 0.1 acre sold at 13 times its guide price of £10,000, at £130,000.
Auction House London is now taking entries for its next sale on Wednesday 3 March 2021 at 12 noon – which is being streamed live.