A sale room was so crowded last Thursday that the auctioneer had to ask people who were not going to bid for the first ten property lots to leave – in order to let others in.
Guy Charrison was the auctioneer at the Network Auctions sale in central London.
Network Auctions had hired its usual ballroom space at the Westbury Mayfair Hotel.
However, Charrison had to make his request as bidders pushed and shouted as they tried to get into the room.
He said that asking people to leave was unprecedented, and not something most auctioneers would ever have to consider.
Charrison also had to contend with multiple bids for many of the 68 lots, pushing the total raised to £8.9m and a success rate of 78%.
Network Auctions, which partners with estate agents all over the UK, had a number of lots which did far better than expected.
One property, a four bedroom house in High Wycombe, went for £402,000 against a guide of £251,000.
A property in Harrow being sold by a housing association achieved £1m against a guide of £750,000.
A plot of land in Harpenden, Hertfordshire, consisting of paths and verges, went for £157,000 after being expected to fetch £5,000.
Toby Limbrick, director, said: “We’ve had a strong start to the 2020 auction calendar and we’re delighted with our results. It shows how keen bidders are to get back in the room and buy property.”
Network Auctions’ next ballroom sale is April 2, back at the Westbury Mayfair Hotel.
Other auctioneers specialising in residential property are also reporting very strong sales.
Auction House, which also partners with estate agents, sold 81% of 750 lots at its first sale, while Venmore Auctions sold over 90%, saying that shortage of supply was supporting prices.
Regional auctioneer Clive Emson in the south said its first sale, where it achieved over £20m from 171 lots, was its best since 2016.