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TODAY'S OTHER NEWS

Auctioneer passes 3,000 lots milestone

Nationwide auctioneer Auction House has sold 3,000 lots this year, claiming to be the first auctioneer to pass the 3,000 milestone in 2015 and beating its own record set in 2014 by a week.

The 3,000th lot, a two-bed semi-detached house, was sold at Auction House Pearsons' sale in Southampton.

It was put up for sale at a guide price of £130,000 and the hammer came down at £150,000 following some enthusiastic bidding, the auctioneer reports. 

Auction House, which has 40 regional auction rooms, recently reported cumulative sales of 2,885 lots through to the end of November at a success rate of 76.5%, raising over £375 million.

“Healthy sales in November have helped us to a position that is up over 8% on last year. At a time when EIG is reporting a downturn in total auction sales, the Auction House performance is a stand out result which is some 15% ahead of the sector,” says the firm's founding director, Roger Lake.

Auction House has also recently announced a tie-up with Brighton auctioneers Austin Gray, which will join the network and trade as ‘Auction House Sussex’ from January. 

Looking ahead to next year and the prospects for the property auction market, Lake is predicting a very busy first quarter.

He says this will be down to a greater number of sellers wanting to market their properties and activity in the buy-to-let sector before the 3% stamp duty charge announced in the Spending Review comes into force in April.

“Supply, demand and prices will all be affected by new government policies and the auction sector will have to rapidly adjust to the new circumstances and the changed attitudes that they will generate,” says Lake.

“We are certainly in for another challenging year – but the benefits of speed, certainty and transparency that auctions offer will be the reasons for our continuing appeal.” 

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