Home Commercial Property Auction House sales see record-breaking October

Auction House sales see record-breaking October

by LLP Finance Reporter
10th Nov 20 4:49 pm

Property auctioneer, Auction House, has announced a record October result, with total money raised of over £64.6m – the highest for the group so far this year, and the second-highest it has ever recorded.

According to the figures, 421 auction lots were sold from 517 offered, at a success rate of 81.4%.

Roger Lake, Auction House Founding Director said, “This performance, delivered under Covid restrictions, is exceptional and tells a powerful story about the effectiveness of regional auctions. We have always said that selling locally using our regional expertise is the best way to secure the highest prices – and these figures prove it!

“Across the country, we are selling a huge number of lots under the hammer every month, often several times more than any other auctioneer. This now includes more high-value properties and family homes, along with mixed-use, land and commercial lots too.”

Roger suggests that TV programmes such as the BBC’s ‘Homes Under The Hammer’ and, more recently, Channel 4’s ‘The Great House Giveaway’ have helped highlight the opportunities that auction offers.

He explained, “The supply profile is very encouraging. We’re offering more variety and a wider selection of lots that in turn attract a larger spectrum of buyers. Individuals purchasing for owner-occupation or refurbishment projects are far more prevalent, and auctions are unquestionably growing in popularity. Certainly, our bidder numbers are up, and the remote bidding methods that we use – whether it’s via live stream, online, telephone or proxy – are now well established and fully accepted.”

10-month cumulative results posted by Auction House showed that 2,709 lots were sold from 3,425 offered, at a success rate of 79.1%, with sales of £366.3m (£366,312,474).

Roger concluded, “Covid may have limited the year’s activity so far. But the truth is that Lockdown 2 is very different from the previous one, and the government is actively encouraging the buying and selling of property to continue.

“So we expect Q4 to deliver a strong finish to the year. October produced a record outcome and we have high hopes for November and December. Despite the global pandemic, the group is well on track to achieve over 3,000 lots sold for the sixth year in succession – again, a record that no other auctioneer can match!”

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