London’s Premier Auction Houses: A Complete Guide

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Auctions offer sellers a faster, smoother, and more predictable path to selling their properties. As of 2023, there are over 300 Property Auction Houses in the UK and around 2.3% of the sold properties find their new owners through auctions.

There’s no one-size-fits-all when it comes to auction houses. Each one has its speciality, catering to different types of properties, price ranges, and locations.

So, rather than pursuing the label of “best” auction house, focus on finding the one that’s tailor-made for you and your property.

Overview of the Property Auction Market in London:

London’s property auction market is bustling with activity, reflecting the city’s status as a global hub for real estate investment. According to Essential Information Group’s (EIG) October 2023 statistics, the UK property auction market is dynamic. Overall trends show an 8.7% increase in lots offered, coming to 3,183, and a 7.8% increase in lots sold, coming to 2,136. Financially, the market performed well, with a 14.2% increase in total raised, reaching £380.8 million.

Top Auction Houses in London and Their Specialties:

  1. Savills Auctions:

Savills Auctions are a leading player in the London auction market. They provide access to coveted assets and investment opportunities across various sectors, ensuring clients receive tailored solutions.

Commercial & Residential

  1. Allsop Commercial

With over a century of experience in the real estate auction space, Allsops stands as one of the UK’s pillars in the auction community, specialising in commercial mixed properties or assets located on secondary or tertiary parades.

Commercial & Residential

  1. Network Auctions

With a competent team leveraging both local and national expertise, Network Auctions offers a simplified registration and bidding process for buyers and encourages sellers to utilise their vast network for optimal asset pricing.

Residential & Commercial

  1. Philip Arnold Auctions

Philip Arnold Auctions is a reliable choice for properties in the West London to Middlesex area, offering sellers assurance of experienced handling and buyers a straightforward purchasing process with transparent transactions throughout.

Residential & Commercial

  1. Strettons

Based in East London, Strettons offers a mix of residential and commercial properties across London, Greater London, and the Home Counties. It provides sellers with effective marketing similar to Allsops’ catalogue and offers buyers a streamlined process throughout the auctions.

Residential & Commercial

Factors to Consider When Choosing an Auction House:

  • Specialisation: Assess the auction house’s expertise and track record in handling properties similar to yours.
  • Reputation: Research the reputation and credibility of the auctioneer within the industry and among past clients.
  • Marketing Strategies: Evaluate the auction house’s marketing efforts and reach to ensure maximum exposure for your property.
  • Commission Rates: Consider the fees associated with selling through the auction house and compare them with others in the market.

Tips for Successful Bidding at Property Auctions:

  • Research: Thoroughly research the properties you’re interested in and set realistic bidding limits based on their market value.
  • Attend Previews: Take advantage of property previews and inspections to assess the condition and suitability of the properties.
  • Stay Composed: Maintain a calm demeanour during the auction and avoid getting caught up in bidding wars that exceed your budget.
  • Utilise Proxy Bids: Consider using proxy bids or setting maximum bid limits to strategically manage your bidding process.

Auction House Charges:

  • Buyer’s Premium: Additional fee payable by the buyer on top of the winning bid, usually a percentage of the purchase price.
  • Administration Fees: Charges for administrative tasks associated with the auction process, such as cataloguing and marketing.
  • Legal Costs: Expenses related to legal documentation and conveyancing services, which vary depending on the complexity of the transaction.

Resources for Finding Property Auctions in London:

  • Online Platforms: Explore websites dedicated to listing upcoming property auctions in London. This is where we’d love to help.
  • Auction House Websites: Visit the official websites of reputable auction houses to view their auction calendars and property listings.
  • Industry Publications: Keep abreast of the latest developments in the London auction market by reading industry publications and news sources.
  • Networking Events: Attend property investor forums, seminars, and networking events to connect with industry professionals and stay informed about upcoming auctions.

Conclusion:

Property auctions in London offer a dynamic and accessible avenue for buying and selling real estate. Whether you’re seeking to purchase or sell, we hope that our guide to London’s commercial property auctions will provide you with all the information you need. Stay abreast, make informed decisions, and happy bidding!

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