High property demand with Auction House London
9 out of 10 of all properties offered for sale by Auction House London in the past year have sold.
Demand for buying property through Auction House London remains at an all-time high with sales through livestream auction being stronger than ever.
Hundreds of bidders were registered for last month’s livestream sale on Wednesday 20 April 2022 where 113 lots of 129 of those offered, sold, raising almost £21m.
Auctioneer and Director of Auction House London, Andrew Binstock said, “There has been so much going on globally. Uncertainty from Covid and Russia’s invasion of Ukraine, have been topped by increased interest rates in the UK, but our successful sales show that people are still gravitating to bricks and mortar when it comes to getting a good return on their money.”
Properties with potential are quick to attract bidders, including a three-bedroom semi in Alberta Road, Enfield, Middlesex (pictured), which was guided at £300,000, before selling at £478,000. And in Stanley Road, Manor Park, East London a two-bedroom Victorian terrace needing modernisation was guided at £250,000 before the hammer came down at £440,000.
Across the UK, Auction House has reported its best-ever first quarter of the year, despite a steady succession of interest rate raises being announced by the Bank of England throughout the period, from just 0.1% in December last year to a more substantial 0.75%.
Andrew Binstock said, “Normally, you would expect higher interest rates to encourage people to save more because they get a higher return, and borrow less because it‘s expensive, but this year interest rate increases have left high buyer demand intact.
“Land sales with development potential have flown at auction. This large site in Wallington, Surrey, south of London, complete with a five bedroom house, has had plans drawn up but not yet submitted for six homes. It was guided at ££425,000 and sold for £630,000.”
Auction House London is now taking entries for its next livestream sale on Wednesday 25 May 2022 starting at 9.45am.