"I can’t imagine any auctioneer since the beginning of time has gone on longer than that on a regular basis as we do at Auction House London. We started at 8.45 am and were still going at 9.15 pm"
It raised £30m (£30,513,500) in its recent sale (Wednesday 24 May 2023). The appetite for buying at auction is clearly there with many properties going into extended bidding wars including Lot 2 – a three-bedroom mid-terrace in Poplar Street, Romford. It was guided at £225,000 before the hammer came down at £385,000.
Auctioneer and Director of Auction House London, Andrew Binstock said: “There has been a slight cooling off in the market with bidding numbers down but the good Lots with potential are still selling well with fierce battles over a number of properties.”
A Victorian four-bedroom end terrace house in Mayton Street, Holloway attracted a lot of attention and with a guide of £600,000, it sold for £785,000. The property needed total refurbishment and had the potential to extend with a planning permission application being considered.
Andrew adds: “The recent interest rate rise from the Bank of England might have led to some extra caution in the auction room from buyers looking for rental stock as buy-to-let investors have been squeezed even more with the changes. But when a property with potential comes onto the market it’s still selling well as with this mixed-use property in Kirkdale, Sydenham, southeast London. It had a shop and flat above which was guided at £225,000 and sold for an astonishing £512,000.”
It was a record 12 and a half hours on the rostrum for Andrew: “I can’t imagine any auctioneer since the beginning of time has gone on longer than that on a regular basis as we do at Auction House London. We started at 8.45 am and were still going at 9.15 pm."
