A sale on Wednesday 26 October saw the number of bidders down by 300. Yet, despite the depleted numbers, the sale was hailed a success and raised £26,050,000 with 80% of lots sold.
Andrew Binstock, auctioneer and director of Auction House London, said: “Although some lots had to be withdrawn at the last minute due to lack of interest the bidders taking part are intent on buying. We had a good volume of lots to start, so there was plenty of action and it resulted in a successful day. Many lots are still selling above the reserve agreed with our sellers.”
One highlight of the recent Auction House London sale included an end-of-terrace three-bedroom house in Courtney Road, Grays, south Essex needing refurbishment. It was guided at £175,000 before selling for £289,500 after some intense bidding.
Andrew adds: “The number of bidders has been down by hundreds of people from our sales in the summer of 2022, but interest and bidding is fierce for Lots with potential.”
Lot 5, a three-bedroom end-of-terrace house on Brampton Road, Kingsbury, northwest London, NW9, was another property which sold at more than £100,000 above its guide and reserve. Bidding began at £400,000 before it sold for £562,000. It needed updating and came with off-street parking.
Andrew concludes: “It’s been a turbulent few weeks for the economy with things changing every day. This must have had an effect on the confidence of buyers and we’re now hoping it will settle down. There will always be properties needing to be sold and buyers in a good position to bid.”
