The recent September sale for Auction House London meant another packed auction room with many lots attracting fierce competition from bidders.
One highlight included a two bedroom first floor flat in Neasden, London, NW10, which needed refurbishment, and had just 37 years left on the lease. The lot started with a guide price of £75,000 and sold for £182,000.
As owners of leasehold properties can exercise their statutory right to apply for an extension under the Leasehold Act, properties with shorter leases are proving a smart investment.
Andrew Binstock, Director and Auctioneer at Auction House London, explained: “Short leasehold flats in good locations, where the Section 42 legislation has been (or will be) served have become very popular in the last few months. We are seeing lots of these opportunities in our auctions. Buyers love the chance to add value, simply by extending the lease. The price achieved was remarkable.”
Potential development sites are also attracting committed bidders in the auction room, and this corner building in Hayes, Middlesex was no exception. The property with its own yard, currently has a builder’s merchants on the ground floor and a two bedroom flat above. It’s close to local shops, and the area has good transport links. The lot started with a guide price of £600,000 and sold for £745,000.
Andrew added: “Delamere is a great example of how buyers love properties that are, in effect, a blank canvas, with multiple redevelopment options.”
Entries are now being taken for the next sale for Auction House London on Wednesday 30 October 2019 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12 noon.