"At a time when estate agents are experiencing a shortage of instructions, our regional auction rooms report an improving number of entries"
Property auctioneer Auction House is declaring a new UK auction record, after entering 703 lots into its February auctions.
The number instructed beats the figure listed in December 2016, which was the company’s previous highest ever total.
Roger Lake, Founding Director, said “Never before has an auctioneer entered over 700 lots into its auctions in a single month. It’s a remarkably buoyant start to the year, which signals a noticeable resurgence in auction activity. It means that more sellers are choosing the auction route to market, their confidence levels are raised and the sector is back in the ascendancy.
The dampening effect of Brexit is largely behind us, uncertainty and indecision has gone, and we are moving back to normality. Buyers are returning too, with our first set of auctions this year delivering excellent results.”
Roger says that the company’s impressive performance provides a marked contrast with the current fortunes of the private treaty market.
He explained: “At a time when estate agents are experiencing a shortage of instructions, our regional auction rooms report an improving number of entries. The mix of stock is interesting as well – we’re including more good condition modern flats and houses in our catalogues, commercial instructions are on the rise and we’re seeing an increase in the parcels of land coming to market.
Our mix of buyers is also changing. We are helping more first time buyers to purchase and others for owner occupation, buy-to-let investors have returned and seem to be less perturbed by adverse government policy, and there’s been a big rise in numbers seeking to buy commercial properties as investments.”