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High guide prices "failing to capture buyers' imagination" - auction boss

Auction House London raised more than £15m in its latest auction, where it saw the biggest catalogue in its history go under the hammer.

Some 116 lots out of 152 were sold during the auction, giving a success rate of 73 per cent; the total raised was £15,081,850.

Auction House says the strongest competition was for a badly fire-damaged three bedroom Victorian mid-terrace house in Harlesden; it also had structural problems but even so sold for more than double its guide price of £275,000 at £570,000.

“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” says director and auctioneer Andrew Binstock.

“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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