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Auctioneer and Director of Auction House London, Andrew Binstock said, “Although some lots had to be withdrawn at the last minute due to lack of interest the bidders taking part are intent on buying.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.