Auction House London has seen the biggest catalogue in its history go under the hammer, raising over £15m and achieving a success rate of 73%.
This month saw fierce bidding at the auction room with particular interest from prospective buyers for a seriously fire damaged property in Harlesden, London. The three bedroom Victorian mid terrace house in Tubbs Road which also had structural problems sold for more than double its guide price of £275,000 at £570,000.
Andrew Binstock, Director and Auctioneer at Auction House London, said, “These are very challenging times and there is a good appetite for well priced property. Buyers are demanding value for money and the key to success is setting a guide price which will attract interest.”
Other highlights of this sale included two flats. The first, was in Streatham at Raebarn Court, Gracefield Gardens in a property which is currently occupied, although no rent is being paid. The fifth floor, two bedroom flat was sold for £145,000 from a starting guide price of £60,000.
The second flat which attracted a lot of attention was a two bedroom first floor apartment close to the shops and restaurants of Marylebone. This had just 7 years left to run on the 48 year long lease. Bidding on this property started at £150,000 until the hammer came down at £200,000.
Andrew Binstock added, “High guide prices are failing to capture the imagination of prospective buyers and it’s the keenly priced properties which are generating the most interest – something which was certainly true for this auction.”