LETTING & ESTATE AGENT

Records tumble at Auction House sale in London

Records tumble at Auction House sale in London

Records tumbled at the latest Auction House sale in London, when it both offered and sold the most lots in one sale.
 
Sales at the auction totalled just over £8.7m with 38 lots out of 43 offered being sold by the end of the day – a success rate of 89%.
 
A four-bedroom Victorian semi-detached house in Thornton Heath, Surrey (pictured) which needed total renovation started with a guide price of £125,000 and sold for £281,000.

Auctioneer Andrew Binstock said: “This was a grade A auction stock lot, in a great location, priced at a good level. It provided a classic auction sale model as we drummed up plenty of interest with its guide price ahead of the day, and were able to see the drama unfold in the saleroom as the price went higher and higher with the intense bidding.”
 
Another property, a refurbished three-bedroom first-floor flat in a 1960s block, proved the appeal of investment properties in the auction room.
 
Binstock said: “For the landlord it’s all about buying good cheap stock in London which can generate an income. This property was a great example with a potential annual yield of more than 10% in rental income. The flat sold for £156,000 – 36% above its starting guide price of £115,000.
 
“There is still an insatiable appetite for low-value stock among bidders. The potential income from such properties attracts fierce competition from buyers, and priced well, these properties will always sell.”

Auction House, launched six years ago, has 33 auction rooms across the country, operating as a franchise business.