Auction House passes 3,000th lot milestone

Auction House passes 3,000th lot milestone

Auction House has announced that it has sold over 3,000 lots under the hammer this year, the only UK property auctioneer pass this milestone so far.

This time, the 3,000th sale took place during Auction House Scotland’s 30th November sale in Glasgow, and was a one-bedroom ground floor flat in Apsely Street in the city, which was guided at £79,000, but sold for £84,500 (see image attached).

So far this year Auction House has sold 3,020 lots from 4,060 offered – a success rate of 74.38% - and raised over £372.5m (£372,502,473). The group has also recorded its biggest ever number of catalogue entries for December, now standing at an impressive 691 lots.


Roger Lake, Auction House Founding Director, said: “Considering the challenging conditions in the UK property market, this is a remarkable achievement. It’s the third year in succession that we have sold more than 3,000 lots – each time making the achievement earlier in the year than during the previous 12 months.

We have a busy December ahead of us, with 26 sales scheduled and a record number of lots being offered over the two weeks from 4th December. All of which is yet further proof that local properties being sold in regional auctions is something that appeals to both buyers and sellers alike.”

Roger Lake also says that the record number of catalogue entries in December reflected evidence of a real urgency amongst sellers. He explained: “The possibility of a severe winter has been heeded, and those with empty properties are hoping to sell before the festive break. Mortgaged landlords are acting to slim their portfolios and reduce gearing in advance of the new tax regime coming into effect. In fact, sale by auction suits them too as they continue to receive rent (which they need to make mortgage repayments) through to completion.

Latest evidence suggests that demand in some sectors has slackened since early autumn, although first time buyers activity is strengthening – something which is being further encouraged by the Stamp Duty threshold being raised to £300,000 in the recent Budget.

Overall, the property market remains challenging with the stock shortage and more recently buyer sentiment slowing activity in many parts of the country. Nevertheless, auctions remain its brightest star, with volumes maintained and Auction House continuing to lead with strong regional performances.”

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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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