Yes, it's certainly possible to sell a high value property by auction. But the success of the sale will depend on setting an attractive guide price, to stimulate interest amongst buyers.
Do High Value Properties Sell by Auction?
With news of Villa Aurora, a £400 million property in Rome, being entered into auction this month, we thought it would be a good opportunity to look at the effectiveness of public auction for the sale of high value properties in the UK.
Jump straight to it: Examples of UK high value auction sales in December 2021
Highest Value UK Auction Sale?
In fact, occasionally you do see very high value properties come up for auction in the UK too. The highest value auction sale we can find achieved a final sale price of £20,425,000. The property was auctioned by Barnett Ross Auctions in 2018.
Flats 1-65 at Okehampton Close, North Finchley, London N12 9TX
Bidding started at £15,000,000
Sold for £20,425,000 with Barnett Ross Auctions in May 2018
The bidding for the sale of the flats in North Finchley took nearly 20 minutes. Take a look at the video below to see what a great job the auctioneer did.
Barnett Ross Auctions: Watch the bidding
Not only did the competitive bidding environment of auction help to maximise the sale price, but the sale was wrapped up there and then, on the day.
Sales are typically much slower with a private treaty sale; it's not unusual for there to be many months of negotiation and legal enquiries before sale is finalised. There's the additional risk of the sale falling through many months after the offer was initially agreed, and that's especially the case for higher value properties.
The process is different with auction, the sale is legally binding on auction day.
December 2021 - High Value Auction Sales
It's not unusual to see properties valued at £1M+ listed for sale at auction in the UK. Here are some examples of £1M+ properties that successfully sold at auction in December 2021. Three of the properties are in London, one in Bristol and the other in Brighton.
29 Harvard Road, Chiswick, London W4 4EA
The guide price was £1,350,000
Sold for £1,670,000 with Savills Auctions in December 2021
8 Acramans Road, Bristol, Avon BS3 1DQ
The guide price was £1,330,000
Sold for £1,330,000 with Hollis Morgan Auctions in December 2021
36 Langdon Park Road, Highgate, London N6 5QG
The guide price was £1,325,000
Sold for £1,467,000 with McHugh & Co Auctions in December 2021
14 St Georges Terrace, Brighton, East Sussex BN2 1JH
The guide price was £800,000
Sold for £1,200,000 with Allsop Residential Auctions in December 2021
79 Manor Avenue, Brockley, London SE4 1TD
The guide price was £875,000
Sold for £1,040,000 with Barnard Marcus Auctions in December 2021
Next steps
Thinking of selling your house at auction? Any type of property can be sold at auction, whether in good or poor condition. Call 0800 862 0206 for your free auction sale price estimate, or request a quick quote online.
