Auctions

Auction House London breaks records during live stream

Property Reporter
|
26th June 2020
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Two records were broken for Auction House London at its recent live stream auction where 85% of lots offered, were sold.

Their third live stream sale on Wed 17th June proved another huge success for the company, raising £11,160,001.

The first record was set at the start of the auction with Lot 1 – two lock up adjoining garages in Bow, London, with a guide of £85,000. This set the pace for the auction with 344 people registering to download the legal pack for the property which had no planning for development in place. The garages went on to sell for £132,500.

Andrew Binstock, Director and Auctioneer at Auction House London, said: “It was obviously the development potential that this plot offered which ignited the interest of bidders. And despite the difficult conditions we have all faced over the last few months, there are high numbers of bidders out there and the appetite to buy remains equally strong.”

Another record set in the sale was for a semi-detached house in Quinton, Birmingham needing total renovation, where 67 people submitted a bidding form – the highest number to do so since live stream sales began. It was guided at £125k and sold for £217k.

Andrew concluded: “Having access once again to vacant properties means buyers are picking up where they left off and are ready to complete on lots at auction.”

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