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Auctions remain popular with investment buyers - claim

Properties are still in high demand say auctioneers at Auction House London with no drop in the number of lots selling or in the number of bidders registering to buy at auction.

In a recent sale some 92 per cent of the 130 lots offered, sold, raising more than £25m.

Auctioneer and director of Auction House London, Andrew Binstock says: “There seems to be no loss of appetite from buyers when it comes to bidding at our auctions. Plots of land and properties with potential are continuing to attract a lot of attention in the livestream saleroom. There are reports that the market is softening but so far that is not evident in the auction room with competition remaining strong.”

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He says properties with potential are being snapped up proving they’re top of a bidder’s list at auction with many selling well above their guide and reserve prices. 

Binstock continues: “From our perspective, the number of buyers and the amount of properties we have to sell are remaining consistent. There are plenty of serious buyers willing to fight hard for a property in the auction room but with a possible cooling of the market, buying at auction is all about the potential that can be achieved with a purchase. People still feel that investing in property is a safe bet.”

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    The buying process through conventional means takes so long now I can see the appeal of buying at auction in spite of the obvious risks.

    The whole conveyancing process needs be overhauled so that it goes through much more quickly.

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    The beauty of Auctions is that they rule out the dreamers, gravel hits the desk deal done no going back, sorts the men from the boys

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    No chain to break usually 28 days to complete, none of this coming back finding faults knocking the agreed price, or saying we can only raise so much for the Mortgage and want £10k off after wasting months, or the Surveyor said ground is too high for the damp course and it will cost thousands, I have heard that one but after they bought the ground stayed as it was.

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