Home Commercial Property September entries at Auction House hit record high

September entries at Auction House hit record high

by LLP Reporter
13th Sep 19 11:27 am

UK auctioneer, Auction House, has announced that it has entered 846 lots into its September auctions this year, more than in any month in the 12-year history of the company.

The group has now sold 2,256 lots since the start of the year, a figure which is 4.6% up on the first eight months of 2018, with a success rate of 76.9% (also ahead of last year’s cumulative success rate of 75.9%), and raising a total of over £264m (£264,125,659).

Roger Lake, Auction House Founding Director said, “These figures prove that despite media reports of problems in the property market as a whole, Auction House continues to buck the trend. The most recent statistics suggest that the auction industry has suffered a fall in sales of more than 10% over the last 12 months, which means that we are currently outperforming the sector by around 15%.”

Lake said that those considering sale by auction should act quickly, with only two auctions now remaining in most regions before the year’s end.

Lake added, “Owners of vacant properties and land should take note that it is much better to sell your properties prior to the winter weather setting in. So as well as our room sales, there are our weekly National Online Auctions every Thursday, which would suit those who are in a particular hurry or want to exchange and complete on specific dates. This means that we can turn a property from instruction to legal completion in as little as five weeks.

“Similarly, upcoming taxation changes are driving many investors to sell-off their rental properties. Those with Buy-to-Let mortgages really should sell with tenants still in situ that way, mortgage repayments can continue to be made from the rent received. There are still large-scale landlords buying such stock, and plenty of refurbishment specialists who would acquire and carry out improvement programmes.

“But overall, we would like to reassure sellers that the auctions market is still busy and delivering strong results. The stock being offered is very diverse, and with the higher number of lots we are now listing, buyer opportunities are greater than ever before.”

Auction House has also been shortlisted for the Residential Auction Service Award hosted by The Negotiator. The results will be revealed at a grand gala dinner at London’s Grosvenor House Hotel in Park Lane on 29 November.

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