Auction House London continues to buck the market trend with sales under the hammer reaching its own all time high with 182 Lots selling this week at auction during a single livestream sale lasting 12 and a half hours.

 

£30m (£30,513,500) was raised in its recent sale (Wednesday 24 May 2023). The appetite for buying at auction is clearly there with many properties going into extended bidding wars including Lot 2 – a three-bedroom mid terrace in Poplar Street, Romford. It was guided at £225,000 before the hammer came down at £385,000.

 

 

 

 

 

 

 

Auctioneer and Director of Auction House London, Andrew Binstock said, “There has been a slight cooling off in the market with bidding numbers down but the good Lots with potential are still selling well with fierce battles over a number of properties.”

 

A Victorian four-bedroom end terrace house in Mayton Street, Holloway attracted a lot of attention and with a guide of £600,000, it sold for £785,000. The property needed total refurbishment and had the potential to extend with a planning permission application being considered.

 

 

 

 

 

 

 

Andrew Binstock added, “The recent interest rate rise from the Bank of England might have led to a little bit of extra caution in the auction room from buyers looking for rental stock as buy-to-let investors have been squeezed even more with the changes. But when a property with potential comes onto the market it’s still selling well as with this mixed-use property in Kirkdale, Sydenham, southeast London. It had a shop and flat above which was guided at £225,000 and sold for an astonishing £512,000.”

 

 

 

 

 

 

 

It was a record 12 and a half hours on the rostrum for Andrew Binstock. “I can’t imagine any auctioneer since the beginning of time has gone on longer than that on a regular basis as we do at Auction House London. We started at 8.45am and were still going at 9.15pm.

 

The next livestream sale for Auction House London takes place next month at 9am on Wednesday 28 June 2023.