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Auction House London bucks slowing market trend

Fire damaged London property imageAuction House London raised £15,081,850 in its latest auction, with the largest catalogue in its history.

116 lots out of 152 were sold during the auction in September 2018, giving a success rate of 73 per cent. There was fierce bidding at the auction room with particular interest from prospective buyers 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 more than double its guide price of £275,000 at £570,000.

Director and Auctioneer at Auction House London, Andrew Binstock 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.”

Other highlights of this sale included a two-bedroom first floor apartment (pictured) close to the shops and restaurants of Marylebone. With just seven years left to run on the 48 year long lease. Bidding on this property started at £150,000 until the hammer came down at £200,000.

Andrew 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.”

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