There was a packed auction room with many lots attracting fierce bidding at Auction House London’s recent sale.
One highlight included a two-bedroom first floor flat in Neasden, London, NW10. The lot, which is in need of refurbishment and has just 37 years left on the lease, started with a guide price of £75,000 and sold for £182,000.
As owners of leasehold properties have a right to apply for an extension under the Leasehold Act, properties with shorter leases are proving a smart investment.
Andrew Binstock, director and auctioneer at Auction House London, explains: “Short leasehold flats in good locations, where the Section 42 legislation has been (or will be) served, have become very popular in the last few months.”
“We are seeing lots of these opportunities in our auctions. Buyers love the chance to add value, simply by extending the lease. The price achieved was remarkable.”
Potential development sites also attracted committed bidders in the auction room. A corner building in Hayes, Middlesex, was no exception. The property, which currently has a builder’s merchants on the ground floor and a two-bedroom flat above, is close to local shops and boasts good transport links, started with a guide price of £600,000 and sold for £745,000.
Entries are now being taken for Auction House London’s next sale on Wednesday 30 October 2019 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12 noon.