Auctions

Demand for auctions remains high despite cooling of the wider market

Properties are still in high demand with no drop in the number of lots selling or in the number of bidders registering to buy, according to auctioneers at Auction House London.

Property Reporter
6th July 2022
Auction 822

In its most recent sale, the firm sold 92% of the 130 lots offered and raised £25,109,500.

Andrew Binstock, Auctioneer and Director of Auction House London, said: “There seems to be no loss of appetite from buyers when it comes to bidding at our auctions. Plots of land and properties with potential are continuing to attract a lot of attention in the livestream saleroom. There are reports that the market is softening but so far that is not evident in the auction room with competition remaining strong.”

Properties with potential are being snapped up proving they’re top of a bidder’s list at auction with many selling well above their guide and reserve prices. A three-bedroom mid-terrace house in Whellock Road, Chiswick was guided at £775,000 and sold for £946,000. It needed total refurbishment and had the potential to be extended into the garden and loft once planning is approved.

Andrew concludes: “From our perspective, the number of buyers and the number of properties we have to sell are remaining consistent. There are plenty of serious buyers willing to fight hard for a property in the auction room but with a possible cooling of the market, buying at auction is all about the potential that can be achieved with a purchase. People still feel that investing in property is a safe bet.”

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