Landlords are snapping up properties with good investment potential at virtual auctions, reports Auction House London.
In a market where all types of property are selling well, homes ripe for renting out and those needing superficial updating are proving popular, such as an end-of-terrace in Enfield, Middlesex, which went for £408,000 – well above its reserve and guide price of £300,000.
The auction house says pressure from buyers was high at its recent event, which sold 87% of lots and cleared almost £28m in sales in July.
Land also proved a draw for many buyers, with bidders fighting it out for a plot with no planning permission in St Albans, Hertfordshire, before the virtual hammer came down at £153,000 from a guide of £10,000, while a four-bedroom bungalow in Belvedere, Kent, sold at £385,000, well above its agreed seller’s reserve, from a guide of £200,000.
Auctioneer and director, Andrew Binstock (pictured), says properties in need of improvement and with potential are being snapped up in a market which shows no signs of cooling down.
“The stamp duty holiday might be over, but business is brisk and it’s an excellent time to sell,” he says.
Binstock adds that virtual property auctions have been embraced by both buyers and sellers and are here to stay.
“We’re unlikely to return to a real auction room before the end of 2021, particularly as Covid infection cases remain high and the system introduced at the start of the pandemic is working so well,” he says.
Auction House London is now taking entries for its next sale on 14th September which will be streamed live.