Auction House London’s biggest catalogue in its history went under the hammer at its latest auction, which raised more than £15 million.
The auction – which took place on September 12 – sold 116 lots out of 152, achieving a success rate of 73%.
There was particular interest for a seriously fire-damaged property in Harlesden, London. The three-bedroom Victorian mid-terrace house in Tubbs Road, which also had structural problems, sold for £570,000, more than double its guide price of £275,000.
Andrew Binstock, director and auctioneer at Auction House London, said: “These are very challenging times and there is a good appetite for well-priced property. Buyers are demanding value for money and the key to success is setting a guide price which will attract interest.”
Another highlight of the sale included a flat in Streatham at Raebarn Court, Gracefield Gardens, which is currently occupied with no rent being paid. The fifth floor, two-bedroom flat was sold for £145,000 from a starting guide price of £60,000.
The second flat which attracted a lot of attention was a two-bedroom first floor apartment in Marylebone. With just seven years left on the 48-year long lease, the hammer came down at £200,000 from a guide price of £150,000.
Binstock added: “High guide prices are failing to capture the imagination of prospective buyers and it’s the keenly priced properties which are generating the most interest – something which was certainly true for this auction.”
Auction House London’s next sale will be on Thursday 25 October 2018 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12 noon.