Manchester-based property auctioneer, Landwood, are hailing the success of their online-only approach, after selling £7.5million of property during lockdown.
While the coronavirus outbreak forced traditional auctioneers to radically alter how they operate, Landwood have continued to hold their weekly auctions without interruption - while enjoying a surge in registered bidders who, in turn, have pushed sale prices to new heights.
Recent successes include a three-bed terrace in Sefton, Merseyside with a guide price of £25,000, selling for £71,500 after attracting 167 bids, land in Stroud, Gloucestershire with a guide price of £100,000, selling for £325,000 from 150 bids and land in Ashton-under-Lyne, Gtr Manchester with a guide price of £25,000, selling for £140,250 from 388 bids.
After social distancing regulations closed the country’s auction houses - many responded by holding their regular monthly or six-weekly sales behind closed doors and broadcasting them online.
The firm is expecting a strong performance to continue into next month. While July last year saw 46 lots listed, the total this year already stands at 60, with a further 20 likely.
Kate Lay, Landwood Property Auctions Director, said: “While lockdown has presented significant challenges for many in the market, we have found the opposite to be true.
“As online property auction experts, we’ve seen record numbers of bidders taking part, driving sales to £7.5million since March. And as others in the industry have been playing catch-up, we have operated entirely without disruption.
“Holding our sales on a weekly basis - in contrast to the industry standard four-week approach - allows us to actively engage with potential buyers for longer and deliver better returns for clients. Because we’ve been holding property auctions online since 2018, we really understand how to deliver the maximum return for sellers and a seamless experience for buyers.”