Properties are still in high demand claims Auction House London, with no drop in the number of lots selling or in the number of bidders registering to buy at auction. In its June sale, 92 per cent of the 130 lots offered sold, raising more than £25m.

Auctioneer and Director, Andrew Binstock said: “There are reports that the market is softening but so far that is not evident in the auction room with competition remaining strong.”

Properties with potential are being snapped up, with many selling well above their guide and reserve prices. A three-bedroom mid terrace house in Chiswick was guided at £775,000 and sold for £946,000. It needed total refurbishment and had the potential to be extended into the garden and loft once planning is approved.

In Enfield, a three-bedroom semi which needed refurbishment was guided at £430,000 before the hammer came down at £552,000.

Also in Middlesex, bidding started at £200,000 for a two-bedroom terrace house before it sold for £370,000.

Andrew added: “From our perspective, the number of buyers and the amount of properties we have to sell are remaining consistent. There are plenty of serious buyers willing to fight hard for a property in the auction room but with a possible cooling of the market, buying at auction is all about the potential that can be achieved with a purchase. People still feel that investing in property is a safe bet.”