Auctions

Auction House London powers through despite cautious market

Warren Lewis
|
6th November 2018
auction house 5

TV crews from BBC1’s Homes Under The Hammer, and Channel 4, witnessed a packed saleroom for Auction House London at the end of October which raised just under £20m.

Auction House London had its largest ever catalogue of 138 lots with 66% of those resulting in a sale. A number of properties attracted fierce bidding, selling considerably above their guide price, but equally some properties struggled to gain a high amount of interest. But one home which did pull in the buyers was a lower ground floor flat in Primrose Hill, northwest London. The apartment in Gloucester Avenue, which has two bedrooms, two bathrooms and direct access to the communal gardens started with a guide price of £975,000, and sold for £1.2m.

Andrew Binstock, Director and Auctioneer at Auction House London, said: “We are delighted that we raised just shy of £20m (£19,707,750) in this sale. It’s clear the market is behaving very cautiously at the moment, but properties well priced are still attracting lots of attention, and there are buyers waiting to pounce.”

Another highlight was an eight bedroom property in Farnborough, Hampshire which was being used as a guest house, with all the bedrooms ensuite. This sold for £650,000 from a starting guide of £550,000.

Andrew added: “It’s not only bricks and mortar which are selling, but smaller plots of land are doing well in the saleroom. One plot without planning permission in Lawn Lane, near the centre of Chelmsford in Essex, started with a guide price of £15,000 and sold for £65,000.”

Auction House London’s next sale will be on Wednesday 12 December 2018 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12 noon.

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