Successful sale ends 2022 for Auction House London
Successful sale, ends 2022, for Auction House London despite auctioneers warning the property market is challenging.
Auction House London is warning there are tough times ahead in the property market, but that people are still bidding and buying. 140 lots sold at its recent livestream auction (Wed 7 Dec 2022) which raised more than £26m (£26,346,600) with a success rate of 84%. Lot 1 (pictured below) set the pace for the auction with the house in Finchley, which was going under the hammer, guided at £475,000 before selling at £802,000. The four-bedroom end terrace on the High Road, N12 needed total refurbishment but attracted fierce competition.
Auctioneer and Director of Auction House London, Andrew Binstock said, "Overall it was a great day at this auction but it's clear that the market has taken a massive hit. A large number of our lots are still selling for miles above their reserve and guide prices with buyers continuing to be ready to invest."
Elsewhere in the capital, auction lots were flying from the list during the sale. In Guildford Grove, Greenwich a four-bedroom terrace house needing a total overhaul was guided at £500,000 before selling at £715,000.
Andrew Binstock said, “The people attending our auctions are clearly intent on buying. It’s time to be realistic about prices and set reserve and guide levels which will attract bidders into the livestream auction room. It’s a sign of the times but it will be more challenging for everyone next year. Interest rate hikes have obviously affected the market, but we can ride this storm if we’re grounded about what we’re selling.”
Lots with potential continue to prove the most interesting to buyers including this property in Walton on Thames which had been used as a workshop but had lapsed planning for conversion. The two-storey former coach house is ripe for change with a new planning application in place and was bought for £185,000 from a guide of £80,000.
Auction House London is now taking entries for its first livestream sale of 2023 taking place on Wednesday 8 February 2023.