"In recent months we have seen sellers being more realistic in the reserve and guide prices being set. This is paying off as bidders remain on board with many Lots selling at more than £100,000 above guide prices"
Andrew Binstock, Auctioneer and Director of Auction House London, said: “The auction went extremely well with no huge surprises but it’s clear that empty freehold homes are still the hottest property. Generally, the market is cooling, but auctions remain buoyant”.
He added: "In recent months we have seen sellers being more realistic in the reserve and guide prices being set. This is paying off as bidders remain on board with many Lots selling at more than £100,000 above guide prices."
Homes with potential in terms of refurbishment or with those with room to extend are attracting the most competitive bidding. In Whitstable, Kent this derelict four-bedroom home needed a total overhaul and was guided at £250,000. It has no kitchen and sold for £383,000.
Elsewhere properties which needed complete refurbishment were proving popular. In Potters Bar a three bedroom mid terrace house was also guided at £250,000 before selling at £355,000 and In East Ham a mid-terrace with the potential for a loft conversion was guided at £300,000 before the hammer came down at £435,000.
Andrew concluded: "Plots of land in residential areas are another hit with our buyers. Parcels in all shapes and sizes are selling quickly, achieving prices on the fall of the hammer, miles and miles above agreed guides.”
Entries are now being taken for the next Auction House London livestream sale at 9am on Wednesday 19 April 2023.
