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London Property Auctions – How to grab a bargain property in London



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London GherkinLondon Property Auctions are where the action happens! Lots are offered from around the UK in these auction rooms, resulting in auction catalogues that are full of potential treasure but unwieldly at the same time. The London based auctioneer Allsop, for example, held an auction in October 2015 with over 250 auction properties listed, most of which were London properties.

At the time of writing, the auction houses in London are Allsop, Andrews Robertson, ATHawes, Barnet Ross, Brendons, Cushman & Wakefield, Drivers Norris, Erinaceous Auctions, Humberts, Jones Lang Lasalle, McHugh & Co, Robertson Smith & Kempson, Savills, Strettons, Sullivan Mitchell and Willmotts

Allsop is one of the most prolific auction houses, and has been around for over a century, (which shows what a historic and established profession property auctions are.) They held 7 residential auctions in 2008, each one requiring 2 seperate dates to get through all of the lots. Despite their size  Allsop is still an independent limited liability partnership.

To find a bargain at a London Property Auction is difficult. Unfortunately, despite the current economic conditions, property isn’t selling ultra cheap in London. There are several reasons for this. One is low interest rates means that there are fewer forced sellers, and even on the incredibly poor average rental yields, it is still possible for most landlords to keep up their interest payments.

Also the devaluation of pound sterling against other currencies, especially the Euro, means London is good value for foreign investors and non-domiciled residents. Non only is the property cheaper for them, but eating out and other living expenses are relatively well priced too. Also people haven’t generally lost the love of London despite the awful tube journeys and carbon monoxide.

To find a good value property therefore, you need to look at a value proposition. What value can you add to a property. What idea to do you have? Do you know something that will increase your chance of getting planning permission compared to another bidder? Have you researched how much value turning a 3-bedroom into a 4-bedroom would create? Can you get building works done cheaper? If you have some sort of edge, you will be able to bid more on a property that others will ignore, and although it wont be a bargain per-se, you will be able to make a profit. And at the end of the day, thats what counts.



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