"More properties are being entered for auction than this time last year and we have plenty of serious bidders who are willing to fight hard for the right lots with many going well above their agreed reserve and guide prices"
- Andrew Binstock - Auction House London
Auctioneer, Auction House London, saw almost £27m (£26,873,000) raised from 161 lots out of 197 before the hammer came down in its latest livestream sale.
Auctioneer and Director of Auction House London, Andrew Binstock said: "Many landlords are choosing to get out of the market as it’s becoming more difficult for them. But at the same time, there are great deals to be had by bidders willing to hold their nerve at such a volatile time, with interest rates looking to rise yet again.”
This month’s auction proved another successful sale for the company where properties with potential once again attracted great interest.
Lot 2 proved to be one particular star of the auction. The three-bedroom semi-detached house in Cannon Lane, Pinner, proved irresistible and the bids continued to be nudged up for more than ten minutes at the rostrum until the hammer came down at £552,000 from a guide price of £395,000. The 1930s property close to Pinner Village needed total renovation and sparked a great battle online.
The trend continued with the next lot, a one-bedroom ground floor flat in Leinster Gardens, Bayswater, Paddington, just a few doors down from the celebrated false facades originally built in the mid-19th century to hide the steam coming from the Metropolitan line trains on the track which crosses underneath the road.
The lower ground floor flat, a short walk from Hyde Park in one direction and Paddington station in the other has its own private patio. It was guided at £220,000 before selling for £341,000.
Andrew concluded: "More properties are being entered for auction than this time last year and we have plenty of serious bidders who are willing to fight hard for the right lots with many going well above their agreed reserve and guide prices.”
