Auctioneers at Auction House London say the number of bidders taking part has dropped fast over the last four months.
At its recent sale - late October - the number of bidders was down by 300.
Auctioneer and director of Auction House London, Andrew Binstock, says: “Although some lots had to be withdrawn at the last minute due to lack of interest the bidders taking part are intent on buying. We had a good volume of lots to start, so there was plenty of action and it resulted in a successful day. Many lots are still selling above the reserve agreed with our sellers.”
He continues: “The number of bidders has been down by hundreds of people from our sales in the summer of 2022, but interest and bidding is fierce for Lots with potential.”
“It’s been a turbulent few weeks for the economy with things changing every day. This must have had an effect on the confidence of buyers and we’re now hoping it will settle down. There will always be properties needing to be sold and buyers in a good position to bid.”
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I noted that there were many unsold lots in the latest Norwich auction with many being noticeably run up, bids off the walls, reserves far too high
This is all not a surprise.
Landlord Today please put the figures into context... 300 bidders compared to how many normally? Your headlines are just scaremongering without proper context!
Last thing they need is buying an old dump and having to spend a small fortune to keep up with this epc malarkey
No surprise Market slowing down quickly what do they expect when they caused it. They have made this mistake a number of times in the past yet don’t learn. Increasing interest rates is guaranteed to cause a Recession. The excuse is to control inflation but it never
does just causes collapse. it wouldn’t be nearly as bad if they done nothing. Inflation would control itself when things get too expensive people wouldn’t buy them simply as that. Everyone’s purse has a bottom and we all still have to count.
Big bust coming soon and I’m not talking about Barbara Windsor
Well with all this environmental legislation. Good trade to be had selling blankets and riding donkeys.
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