Cheers sounded throughout the saleroom for Auction House London at its latest upbeat auction as the hammer came down on its first lot of the day at almost £100,000 above the guide price.
500 people witnessed the tense bidding on a three bedroom terrace property in Edmonton, London, which started at £250,000 and sold for £344,000. The house in Montagu Road needed total modernisation and clearly appealed to a lot of buyers.
The auction at the London Marriott Hotel in Regents Park raised n £17m (£17,219,000), with 90 lots on offer.
Another highlight was a parcel of six acres of land in north Essex, with planning permission in place to build 49 properties. The land in Clacton started the auction with a guide price of £2.75m, finally selling for £2.9m.
In Mill Hill, London a property needing refurbishment sold for £1.66m have started with a guide price of £1.65m. The five bedroom modern house had been damaged by previous tenants. The house which stands in ½ an acre could be developed with the right planning permission in place.
Director and auctioneer, Andrew Binstock added, “We seem to have gone over our sales blip in the summer where this time, a packed auction room of people intent on buying, delivered the results we wanted. We had a good range of property, both residential and commercial, with an appetite for buying, to match.”