Auctions

Nuts in May: Auction House break £70m barrier for monthly sales

Property Reporter
|
16th June 2021
Auction 822

Auctioneer, Auction House, has announced its highest-ever monthly sales total, with 397 properties selling during May achieving a success rate of 85.2% and raising £70,309,251.

According to the group, lots sold so far this year are 1,395 from 1,709 offered, at a success rate of 81.6%, raising a total of £221,674,003.

Jeremy Prior, Auction House Managing Director, said: “Not only has Auction House continued to sell more properties every year than any other UK auctioneer, but it’s now exceeded its previous best by selling over £70m of property in a single calendar month.

“This is an incredible achievement – especially when you take into account the fact that this figure has been achieved almost exclusively for our private sellers. The closure of courts during the Covid 19 crisis means that we have been without our usual selection of repossessions – often seen as the lifeblood of auction stock - from corporate clients.

“No doubt the end of the Stamp Duty holiday at the end of this month has been one of the factors which have driven sales-forward – but we have seen enthusiastic bidding and an appetite for purchasing property that has continued undiminished, even while the pandemic and restrictions have continued.”

Jeremy says that he believes property prices are going to continue to hold their own for some time to come, despite rumours that a house price crash is on the horizon.

He explains: “For a house price crash to happen, a mix of certain ingredients has to be in place. For example, during difficult times like these, there would have to be a lack of government intervention and support. But, as we’ve seen from measures like quantitative easing, extensive furlough, and the stamp duty holiday, the government has already done a considerable amount to prop up the market.

“There also seems to be no appetite on the part of the government to pay back the massive debt that has been accrued over the pandemic – which would certainly act as a huge deflationary pressure. So, with all of that taken into account, whilst we may see a cooling off in the market, I honestly think it’s difficult to envisage a house price crash in the near term.”

Jeremy concludes: “Most importantly, the phenomenal success of Auction House means that there is a plethora of happy vendors out there, successfully selling to lots of interested buyers, with bidding staying keen and prices remaining buoyant. And that’s a situation we expect to continue for some time to come.”

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