Demand for un-modernized homes sees record numbers bid at latest London auction

Auction House London has announced that it has sold the most lots in a single sale in over a year, at its recent auction this month, on Thursday February 10, 2022.

According to the auctioneers, a record 1,339 bidders were registered to take part in the live sale which saw 90% of the lots sold fetch almost £25million (£24,866,699).

Andrew Binstock, auctioneer and director of Auction House London, said: “The market continues to remain incredibly strong with extremely high demand for goods. Imagine trying to fit over 1300 people into an auction room! That’s why our live sales work so well, giving buyers the opportunity to participate online, while benefiting from all the advantages of a live auctioneer conducting the bidding in real time.

In Hounslow, Middlesex, this three bedroom semi-apartment, in need of refurbishment, is close to the Piccadilly line. It was priced at £275,000 before selling for £488,500.

Andre adds: “Unmodernized homes and land are proving extremely popular with buyers, and properties regularly sell above their agreed reserve price. The competition is so fierce right now – which means it’s the perfect time to sell in the competitive arena of an auction house. There doesn’t seem to be an end to the appetite of buyers and it’s definitely a seller’s market.

In Bromley Road, Catford, this first and second floor maisonette with 124 years of lease remaining was listed at £150,000 and sold for £281,000. Similarly, a three-bedroom semi-trailer in Borehamwood, close to good transport links, was guided to £375,000 before the hammer fell to £514,000. Both properties need to be updated.

Andrew concludes: “There are more users than ever on the auction house’s website – from 1.6 million in 2019 to 2.4 million now – and a greater proportion of young people are accessing the group’s services online. .”

Auction House London is now accepting entries for its next live sale on Wednesday 16th March 2022