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How Can Investors Find Great Value at Auctions?

Peter Hemple searches for tips on how to get ahead of other bidders at auction

Auction House London raised more than £15m at its most recent auction, where it saw the biggest catalogue in its history go under the hammer. 116 lots out of 152 were sold during the auction on Wednesday 12 September 2018, giving a success rate of 73%.

The auction room saw fierce bidding, 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 says: “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 two flats. The first, was in Streatham at Raebarn Court, Gracefield Gardens in a property which is currently occupied, although no rent is being paid. The fifth floor, two bedroom flat was sold for £145,000 from a starting guide price of £60,000.

The second flat which attracted a lot of attention was a two bedroom first floor apartment close to the shops and restaurants of Marylebone. This had 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 adds: “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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