Property market stays roasting hot for Auction House London
The pressure from buyers was high from the start and continued on that tack at the recent Auction House London auction (Wed 28 July 2021) which cleared almost £28m (£27,516,600) in sales.
Lot 1, a four bedroom bungalow in Albany Road, Belvedere, Kent set the pace for the auction, selling at £385,000 well above its agreed seller’s reserve, from a guide of £200,000.
Auctioneer and director of Auction House London, Andrew Binstock, said “Properties in need of improvement and with potential are being snapped up in a market which shows no signs of cooling down. The stamp duty holiday might be over, but business is brisk and it’s an excellent time to sell.”
87% of lots sold at last month’s auction; and land proved a top option for many buyers. In a tense battle, bidders fought it out for this plot with no planning permission in Windridge Close, St Albans, Hertfordshire, before the virtual hammer came down at £153,000 from a guide of £10,000.
It's a market where all types of property are selling well, including homes ripe for renting out and those needing superficial updating. This end terrace in Enfield, Middlesex sold well above its reserve and guide of £300,000 at £408,000.
Andrew Binstock, added, “Virtual property auctions have been embraced by both buyers and sellers and are here to stay. We’re unlikely to return to a real auction room before the end of 2021, particularly as Covid infection cases remain high and the system introduced at the start of the pandemic is working so well.”
Auction House London is now taking entries for its next sale, next month on Tuesday 14 September 2021, at 12 noon, which is being streamed live.