Auction House sells over 3,000 lots for third year running

With over 3,000 lots selling under the hammer this year, Auction House has become the only UK property auctioneer to successfully pass a milestone every year since 2015.

A one-bedroom ground floor flat in Apsely Street, Glasgow, marked the 3,000th sale – which took place during Auction House Scotland’s November sale. The property sold for £84,500 with a guide price of £79,000.

So far, Auction House has a success rate of 74.3%, selling 3,020 lots from 4,060 offered and raising over £372 million. The auctioneer currently has an impressive 691 lots for December, its biggest ever number of catalogue entries for the month.

Roger Lake, founding director of Auction House, described the achievement as remarkable, considering the challenging conditions in the UK property market.

“We have a busy December ahead of us, with 26 sales scheduled and a record number of lots being offered over the two weeks from December 4,” he said. “All of which is yet further proof that local properties being sold in regional auctions is something that appeals to both buyers and sellers alike.”

The record number of catalogue entries in December reflected evidence of a real urgency amongst sellers, according to Lake. He explained: “The possibility of a severe winter has been heeded, and those with empty properties are hoping to sell before the festive break.”

“Mortgaged landlords are acting to slim their portfolios and reduce gearing in advance of the new tax regime coming into effect. In fact, sale by auction suits them too as they continue to receive rent, which they need to make mortgage repayments, through to completion.”

Lake added that this suggests demand in some sectors has lessened since early autumn, although first-time buyer activity is strengthening due to the stamp duty threshold being raised to £300,000 in the recent Budget.

“Overall, the property market remains challenging with the stock shortage and more recently buyer sentiment slowing activity in many parts of the country,” Lake said. “Nevertheless, auctions remain its brightest star, with volumes maintained and Auction House continuing to lead with strong regional performances.”