Sales at Auction House London hit a record high this week at its sale at the Landmark London Hotel (Tuesday 27 October 2015), with a total value of £25,472,120.

The most significant lot in the sale reached £4.9m before being sold – breaking a second record for the award-winning brand by becoming the highest value property ever sold by Auction House London. The empty site in the centre of Luton had a guide price of £4.5m. It is close to the university and has planning permission to build accommodation for 180 students, plus 84 flats and an area for shops.

Auctioneer and Managing Director Andrew Binstock said, “We have just broken some impressive earlier records, by a long way. Selling lots such as Park Street in Luton indicates the increasing calibre of property coming to our auctions. We are serious players on the London auction scene and a destination for buyers.”

The auction room proved equally competitive for property within London. In Neasden a three bedroom detached property needing total modernisation started with a guide price of £475,000 and sold for approaching double at £868,000. Fierce bidding on this lot continued for at least 20 minutes and as the hammer came down the room broke into spontaneous applause.

Willesden proved an equally popular location within the M25 with bidders fighting a hard battle for two Edwardian purpose built flats in Drayton Road needing total modernisation. This property started with a guide price of £500,000 selling for £706,000; exceeding the seller’s expectations by a stunning £206,000.

Andrew Binstock added, “Our job is to encourage sellers to take a calculated risk when agreeing the minimum price they are willing to sell. If they are brave they have the chance of attracting more buyers with their hands in the air at auction, and the strong possibility the resulting sale price is much much higher.”