Property auctioneer, Auction House, has published sales figures which are not only up by 7.3% on its performance last year, but at a time when the sector as a whole has dropped by 3.5%.
Between January and September, the group sold 2,156 properties (up from 2,009 in 2017) from 2,839 offered (2,668 last year) leading to a success rate of 75.9% (75.3% in 2017) and raising a total of almost £275m (£274,488,639) compared to £249.3m last year.
Roger Lake, Auction House Founding Director, said: “To outperform last year’s figures is one thing, but to do so when the total sector figures are down by 3.5% is an incredible achievement. The national picture may appear lacklustre because there is less corporate and distressed stock out there – but Auction House is selling more properties from private vendors, which is where we believe the future growth of the sector lies. Nevertheless, to be selling three out of every four lots we offer is exceptional in the current climate.”
Roger also says that auctions are attracting more people whose properties have failed to sell through estate agents: “Under private treaty, the average length of time between agreeing a sale and exchanging contracts is over four months. By contrast, every auction sale exchanges immediately on the fall of the hammer, with completion normally four weeks later.
Auctions are also becoming better understood, and our 40 salesrooms across the country are easily accessible, helping us outperform not only the housing market generally, but also the sector in particular. As our results consistently prove, sellers can rely on our auctions to deliver a speedy result.
We have just come through a long, hot summer, but instead of the auctions market going quiet, we are seeing a record number of entries – over 700 at the latest count - into our September sales.”