"There is undoubtedly considerable caution from buyers with more properties going unsold than this time last year. But with the recent news that inflation rates are slowing, we're convinced that confidence will be quick to return to the market"
Sales remained buoyant again this month, according to auctioneer, Auction House, despite market caution with rising interest rates.
This month's 12-hour-long marathon sale for Auction House London also proved challenging in another way last week (Wed 2 August 2023), when the livestream internet connection went down. But despite this, auctioneers successfully powered through the day, selling 157 lots out of 193 offered (an 82% success rate), raising more than £27m (£27,132,500).
Auctioneer and Director of Auction House London, Andrew Binstock said: "This was our biggest ever catalogue and I was pleased to see that bidder numbers were up by around 300 from our June auction to 1700. We were delayed at points during the auction with internet problems, but everyone remained on board, and we ended the day on a high with another great set of results."
Lot 1 set the pace for the auction proving to be one of many lots hotly contested by buyers. The two-bedroom semi-detached bungalow in Walthamstow, E17, was on a heavily overgrown plot and needed total refurbishment. It was guided at £150,000 before the hammer came down at £293,000.
Andrew acknowledged there were going to be tough times ahead but said properties with potential were continuing to sell well. A ground-floor flat at Blackheath Hill, Greenwich, SE10, confirmed this point, attracting a lot of interest from bidders. The two-bedroom home with 146 years left on the lease is close to Greenwich Park, the market and the Observatory. It started with a guide of £290,000 before selling for £460,000.
Andrew comments: "There is undoubtedly considerable caution from buyers with more properties going unsold than this time last year. But with the recent news that inflation rates are slowing, we're convinced that confidence will be quick to return to the market."
Highly charged bidding wars were still frequent for lots being sold by Auction House London last week. A Victorian end terrace split into two flats in Bedfont, Middlesbrough and guided at £250,000 ignited fierce competition among potential buyers. Bidding continued for more than 10 minutes before it sold at £398,000.
Andrew concludes: "Times remain uncertain for both buyers and sellers. But the buyers attending our auctions are serious about walking away with a new property so a good time for sellers to take the initiative."
