A prominent auction house says bids are fewer in number than before - a sign that the market is softening, presenting potential opportunities for investors.
Auctioneers at Auction House London say many people are watching the market carefully and only registering to bid for property at the last minute as seen in its recent sale at the end of last month.
Director and auctioneer Andrew Binstock says: “One third of all bidders who registered with us for our auction this time, did so just 24 hours before we started. The market is still hot, but people appear to be hanging back until the last minute before they commit.
“Once again, we smashed it with 92 per cent of all properties sold, raising more than £28m, so we are delighted with the result.”
Binstock says properties with potential are proving top of a bidder’s list at auction.
“We are seeing a drop in the number of bidders at the moment which I think reflects a slight stalling of confidence in the market, but the people who are bidding are serious, putting in strong offers, and properties are continuing to sell, well above reserve prices.”
Auction House London’s next livestream sale is on June 29.
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