Auction House London warns the property market is cooling off

Auction House London warns the property market is cooling off


Todays other news
There are some locations offering incentives to British investor buyers...
The market is strong ahead of the April stamp duty...
The PBSA analysis has been undertaken by Knight Frank...
The analysis has been done by Bond Wolfe...


Auctioneers at Auction House London recently highlighted that the number of bidders taking part in auctions have dropped. These changes are said to be the result of the property market cooling off.

According to the property auctioneers a recent bid that took place was down by 300. Although the turnout was lower than usual, the sale raised over £26m with 80% of lots sold.

Auctioneer and Director of Auction House London, Andrew Binstock said, “Although some lots had to be withdrawn at the last minute due to lack of interest the bidders taking part are intent on buying. We had a good volume of lots to start, so there was plenty of action and it resulted in a successful day. Many lots are still selling above the reserve agreed with our sellers.”

Three bedroom south Essex terrace

At the recent auction a terrace three-bedroom house in Courtney Road, Grays, south Essex received some serious bidding. Despite the need for refurbishment work, it was guided at £175,000 and sold for £289,500.

Andrew Binstock continued, “The number of bidders has been down by hundreds of people from our sales in the summer of 2022, but interest and bidding is fierce for Lots with potential.”

Three-bedroom terrace in London

Another property which sold at more than £100,000 was a three- bedroom terrace in London. The home along Brampton Road, Kingsbury, northwest London had a £400,000 guide price but sold for £562,000.

Andrew Binstock added, “It’s been a turbulent few weeks for the economy with things changing every day. This must have had an effect on the confidence of buyers and we’re now hoping it will settle down. There will always be properties needing to be sold and buyers in a good position to bid.”

Auction House London is currently accepting entries for its next livestream sale on Wednesday 7 December 2022.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Property Investor Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The PBSA analysis has been undertaken by Knight Frank...
New data from Hamptons shows a massive rise in service...
The data has been produced by high end estate agency...
Spain’s draconian new tax is already spooking British investors...
The Budget has forced a revision of forecasts for the...
Prices and sales volumes will grow in 2025 despite the...
Recommended for you
Latest Features
There are some locations offering incentives to British investor buyers...
The market is strong ahead of the April stamp duty...
The PBSA analysis has been undertaken by Knight Frank...
Sponsored Content
As the property industry shifts towards sustainable practices, Inspired Property...
Are you concerned about rising interest rates and their potential...
In the ever-evolving landscape of property investment, staying ahead of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here