Property auctioneer, Auction House, has reported a fifth consecutive month of record sales in 2018, selling more lots in every month since July than ever before in the eleven year history of the network.
In November this year the group sold 156 lots from 219 offered – a success rate of 71% and raising a total of £14.7m. These figures take the cumulative total in 2018 to sales of 3,257 lots since the start of the year, raising over £400m (£400,721,903) in the process.
Roger Lake, Auction House Founding Director, said: “These figures represent another impressive performance by our 40 auction rooms across the country. Auction growth is continuing – particularly in regional sales rooms – despite the clear decline in private treaty sales nationwide.
2018 has been a year of progressive growth for Auction House, and we have seen many buyers and sellers acting ahead of the distraction of Brexit. Certainly, no other property auctioneer in the country can match our sold figures of more than 3,200 since January – and we confidently predict that we will sell over 3,500 lots by the year’s end.”
The latest figures were released as Auction House picked up a silver trophy in The Negotiator Awards 2018, as ‘Residential Auction Service of the Year’. The ceremony was held at London’s prestigious Grosvenor House Hotel on the 30th November, and hosted by comedian and broadcaster Julian Clary.
Roger added: “Auction has proved itself to be a better way to buy and sell property this year. It’s quick – sometimes taking as little as two weeks between instruction and exchange of contracts; it’s certain – with the deal done as the hammer comes down; and it’s transparent - with a level playing field for all buyers. Both sides benefit from the immediate contractual commitment that sale by auction delivers.
Our regional auctions continue to be well attended and local buyers are still active, mainly purchasing for a purpose rather than immediate profit. There remains a shortage of property in many areas, rents are static or rising, and prices can be expected to move towards their long-term trend. In short, shrewd buyers taking a long-term view are seeing this as a time of real opportunity.”