Record sales month at Auction House

Record sales month at Auction House

Property auctioneer, Auction House, has announced that it offered and sold more properties in October 2017 than during any other month in the company’s ten year history.

The award-winning auctioneer offered a massive 626 lots under the hammer and finished the month having sold 468 lots at a success rate of 74.8%, raising £56.7 million.

Founding Director Roger Lake said: “These are exceptional results for October, which isn’t normally regarded as a big selling month. We saw entries boosted by more investment landlords slimming their portfolios to reduce borrowings. Also, more private sellers are using our auction rooms to achieve a speedy sale, rather than get stuck in slow moving chains and suffer cancelled transactions.

Our latest results mark an impressive achievement in a market place where there is a shortage of stock and some reticence amongst investors. We are selling more commercial stock too, and finding that mixed-use properties are in demand again. There is some regional variation showing through - with our northern rooms particularly busy, and those in the southern half of the country more challenged.”

Auction House has 40 sales scheduled for November and December across the country, with over 800 lots expected to come under the hammer. The group has also been joined by Coventry & Warwickshire-based auctioneer Loveitts. Formed in 1843, Loveitts carried out its first auction over 100 years ago, and is now the most successful auctioneer in the area, supported by branches in Coventry, Nuneaton, Leamington and Southam. Auctions will take place in Loveitts’ existing auction room at the Village Urban Resort Hotel in Canley, Coventry. The next sale is on Thursday 23 November at 6.30pm.


Roger Lake added: “Regional auctions are gathering pace and auctioneers are now filling their final catalogues of the year. These offer local sellers the last chance to find a buyer and get exchanged under the hammer before Christmas. Forecasters are predicting a particularly sharp winter, so sellers with vacant property assets really should consider entering their stock into our final round of auctions.

Evidence shows that the challenging political and economic backdrop favours auction. And with conditions unlikely to change anytime soon, Auction House looks set for a buoyant final quarter, and an encouraging start to 2018.”

Join our mailing list:

Leave a comment



Latest Comments

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...

view article
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.

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

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

view article
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...

view article
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...

view article
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.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

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

view article
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...

view article
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...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
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

view article

Related stories

More articles from Auctions