A London flat with a “deliberately” low guide price sparked a bidding war at Auction House London’s latest sale before going for nearly twice its guide price.
The one-bedroom flat in Plumstead, SE15, a probate property, was sold to a private individual for £148,500, against a guide price of £75,000.
“It’s an example of a smart vendor setting a low price because that brings lots of buyers,” said director and auctioneer Andrew Binstock.
The auction house posted a 90% success rate and raised £18m at the 4 June sale. Of the 80 lots offered, 25 sold prior, while 44 were sold in the room.
It was AHL’s first sale in the ballroom at the Landmark Hotel, NW1, and the auction house was “nervous” about the size of the room, said Binstock. But “many hundreds” showed up, he said, adding: “The atmosphere was electric.”
Also on the day a vacant two-bedroom flat in Bayswater, W2, that had been bought at a Savills auction two months ago for £547,000 sold for £620,000.
