Auctions

Auction House reports record-breaking sales in 2020

Property Reporter
|
12th January 2021
auction

Auctioneer, Auction House UK, has reported that it saw its best-ever annual success rate of 79.2% during 2020 - successfully selling four out of every five properties it offered.

According to the group, it also sold more than 3,300 auction lots for the fifth year in succession and raised a total of more than £447m – up from £439m in 2019.

Roger Lake, Auction House Founding Director, comments: “2020 was a spectacular year for us. Despite the property market closing for over six weeks during the first lockdown, despite having to transfer all our room auctions to online or livestream sales, and despite ongoing coronavirus restrictions, we still managed to sell a higher percentage of lots than ever before!

“The auction market kept functioning, sellers and buyers remained both interested and active, and lockdown restrictions didn’t hold us back. Our immediate shift to remote bidding auctions helped maintain momentum and they grew in popularity as the year progressed.

“This success is a tribute to the hard work and dedication of our regional teams across the UK and gives us confidence that even under another lockdown, we can look forward to similar successes in 2021.”

Auction House results for the month of December were 420 lots sold from 515 offered, at a success rate of 81.6% with almost £60.4m (£60,390,078) raised.

Roger adds: “Monthly sales in October, November and December were all ahead of 2019 levels, and we move into 2021 with a healthy supply of early entries and a continuing demand from buyers.

“The third national lockdown shouldn’t adversely affect us. The Government has confirmed that we can still carry out valuations and viewings with safety measures in place, and we have regular livestream or online auctions booked, including weekly online auctions every Thursday.

“What’s more, the message seems to be getting across to both buyers and sellers that – unlike the private treaty market – we can still deliver sales that complete in advance of the stamp duty holiday deadline on 31 March.

“Future uncertainty is influencing more and more sellers to choose auction and get their properties sold. Our January and February catalogues are filling quickly and initial viewings are strong too. So, it is certainly business as usual at Auction House, and 2021 looks set to be off to a very busy start!”

Related articles
More from Auctions
Latest from Financial Reporter
Latest from Commercial Reporter
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.