The auction - often seen as an ideal opportunity for investment buyers - is going through a torrid time in the current market.
Auction House London says that although its late-June sale says 83 per cent of the 193 lots offered sold, director Andrew Binstock admits: “As expected, with increasing interest rates we had about half the number of bidders taking part compared to our previous auction. There’s a lot of caution in the market at the moment.
“There was loads and loads of action on large numbers of lots with many bidding wars continuing for more than 10 minutes each time. But it’s the same reasoning; the properties and lots which are attractive because they are priced well to sell, still make the grade.
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