Auction Finance has marked its tenth birthday with a chaired debate on the continued success of the lender and overview of the auction market.BBC Breakfast presenter Bill Turnbull hosted the event as he interviewed Chris Baguley and Scott Hendry from Auction Finance, Roger Lake, director from national property and land auctioneer Auction House, and David Sandeman, managing director at Essential Information Group (EIG), in front of a live audience of property developers, auctioneers and industry professionals.
Among the subjects discussed were the recent continued growth in the property auction market, how changing technology is key to the future of property auctions and the increasing popularity of regional auction rooms.
Attendees were also treated to a special menu of food from Hollywood chef, Catherine Skates and the harmonious sounds from saxophonist Rosemary Quaye.
Since its launch in 2004 Auction Finance has provided flexible and short term loans valued in excess of £150 million, enabling professional clients to purchase property for business use worth more than £320 million from auction rooms up and down the country.
Chris Baguley, director of Auction Finance, said: “Over the past ten years, Auction Finance has established itself as a leading provider of short term finance for property auctions. We partner with an extensive network of auction houses across the UK.
Despite one of the worst recessions in history we have continued to provide our clients with fast, reliable funding to enable them to secure the properties they want when the gavel goes down.
We’ve funded some interesting purchases from pubs, which were turned into nursing homes, to full streets of terraced houses, as well as stepping in for buy-to-let investors when agreed finance has fallen through.”
Auction Finance’s tenth year is already showing signs of being a record breaker, as statistics from January to June 2014 show a 135 per cent increase in sales Auction Finance supported financially, compared to the same period the year before.
Auction House’s Roger Lake said: “It was fantastic to share the stage with Bill, Chris, Scott and David to discuss the role property auctions play in the UK housing market and look ahead to whether its impact will continue to grow at current levels,”
We’ve worked with Auction Finance for a number of years and they provide valuable financial support to property investors who buy from our 200+ Auction House auctions across England, Scotland and Wales.
The public now realise that auction is a mainstream route to market and it is becoming a regular first choice for many private buyers. Specialist finance is often required, so it is vital that auctioneers work with partners like Auction Finance to assist purchasers and help maintain growth in the sector.”
David Sandeman, managing director at EIG, said “We publish monthly figures on UK sales at property auction rooms and the signs all point to a buoyant market that could potentially grow in size beyond the previous peak in 2007.
“Auction Finance provides a service to the industry that is well received by auctions and investors alike. It was a pleasure to be part of the tenth birthday celebrations and discuss the merits of the property auction market.”
Chris added: “It’s been fantastic to support property investors over the past ten years and we are committed to continuing to work with clients and auction houses to provide even more funding over the next decade.
I’d like to thank everyone for attending the birthday event and look forward to playing a part in the growing property auction industry for many more years - we’re only just getting started.”