At its recent live stream auction (Wednesday June 17 20020), Auction House London broke two records, with 85% of the lots offered successfully selling remotely.
The company’s third live stream sale since lockdown – which prevented in-person auctions from taking place – proved to be another huge success for the firm, raising more than £11 million for sellers.
The first record was set right at the very start of the auction with Lot 1 – two lockup adjoining garages in Bow, London, with a guide price of £85,000. This set the pace for the auction with 344 people registering to download the legal pack for the property which had no planning for development in place. The garages eventually went on to sell for £132,500.
Andrew Binstock, director and auctioneer at Auction House London, said: “It was obviously the development potential that this plot offered which ignited the interest of bidders. And despite the difficult conditions we have all faced over the last few months, there are high numbers of bidders out there and the appetite to buy remains equally strong.”
Another record set in the sale was for a semi-detached house in Quinton, Birmingham, which requires total renovation. Despite this, some 67 people submitted a bidding form – the highest number to do so since live stream sales commenced. It was guided at £125,000 and sold for £217,000.
“Having access once again to vacant properties means buyers are picking up where they left off and are ready to complete on lots at auction,” Binstock added.
In these still uncertain times, Auction House London remains open for business as usual and is taking entries for its next sale on Tuesday 28 July 2020 at midday – which is again scheduled to be streamed live.
For more information, you can visit www.auctionhouselondon.co.uk.
Auction House London is part of Auction House UK, which was formed in 2007 and is the country’s largest residential property auctioneer and second largest commercial property auctioneer in terms of lots sold.
With 36 auction rooms across England, Wales and Scotland, the brand accounts for more than 17% of all property room auction sales nationally.
Auction House London, held on a license basis by Auction House UK, was founded by Binstock and his business partner Jamie Royston in 2010 and held its first auction in March 2011. It held over 200 auctions in 2019.
Earlier this year, a month or so before lockdown came in, we attended Auction House London’s first sale of 2020 to see what happens before the gavel goes down.
This post has originally been featured in Property Investor Today.