A record breaking March for Auction House London with £30m sales
The appetite from buyers for auction property shows no sign of dimming with sales totalling more than £30m (£30,062,300) for Auction House London in March 2021.
Demand has been so high that auctioneers held two auctions during the month, on 3 and 30 March. Many properties are continuing to sell above the reserve prices agreed by sellers and Auction House London is achieving higher prices than competitors as in the example of this property in New Southgate, London, N11. Last week, this sold for £221,500, just a matter of weeks after it sold with another auctioneer for £180,000 in February 2021.
Director and Auctioneer, Andrew Binstock, said, “Based on this month’s sales, the market is clearly strong, with many lots selling for unfathomable and unexpected prices. Obviously when a seller has agreed a single reserve price, which has to be within 10% of a guide price, it’s the competition in the market which sets the final sale amount.”
Andrew Binstock continued, “Our livestream auctions have been embraced by buyers and get better results for sellers than online only sales. It’s a formula we will continue, even as lockdown eases.”
76% of the 77 lots offered at this auction on 30 March, sold, raising £12m (£12,613,000) with many highlights, including this shell of a property in High Wycombe, Buckinghamshire (pictured left). It was guided at £195k and sold at £416,500, having attracting 103 bids.
Modernisation projects are firing the imagination with buyers, and in Middlesex, in Harrow, this semi (below) sold for £465,000 and in Staines, another semi sold for £378,000, more than £100,000 above its guide of £250,000.
Auction House London is now taking entries for its next sale on Thursday 6 May at 12 noon, which is being streamed live.