The director of an auction house says the market has taken “a massive hit” with tough times ahead in 2023.
Andrew Binstock - auctioneer and director of Auction House London - says: Andrew Binstock said, "It’s clear that the market has taken a massive hit … It’s time to be realistic about prices and set reserve and guide levels which will attract bidders into the livestream auction room.
“It’s a sign of the times but it will be more challenging for everyone next year. Interest rate hikes have obviously affected the market, but we can ride this storm if we’re grounded about what we’re selling.”
Despite the gloomy mood music some 140 lots sold at its recent livestream auction, raising more than £26m with a success rate of 84 per cent.
Lot 1 set the pace for the auction with a four bedroom house in Finchley, which was going under the hammer guided at £475,000 before selling at £802,000.
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I've been watching Auction House East Anglia, in a lot of cases their reserves are too high, bidding is clearly being run to just below reserve, and at the last auction a lot of lots were withdrawn just before the auction, I suspect due to lack of interest shown in the run up to the auction, watch this space in 2023, it'll be interesting .
Interesting it will be, I do see this carrying on for years if Putin stays In Ukraine, energy will be costing as much as a mortgage soon, that will cause some very serious thinking to take place.
At last someone who is being realistic! Estate agents locally still marketing at pre Sept 23 prices so nothing selling.
Exactly, they seem to have ignored the fact Liz caused financial Armageddon. 😂💰
Simon, she did the right thing. The problem is insurance and finance companies borrowing money and gambling. LDIs et al. Sunak will cause a recession, like Thatcher, but without North sea oil to cushion the blow.
"They" baulked at the level of the planned debt
Is it any lower now than it would have been under Liz
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