Auction House, the UK’s largest property auctioneer, has offered more lots in the seven months to August than in any other year in its ten-year history.
The firm has offered 2,533 auction lots so far this year (up from 2,480 in 2016) at 125 sales around the country, with a success rate of 74.9%.
“Auction properties are still in great demand and the appeal of auctions as the quickest method of sale is strengthening,” suggests Roger Lake, founding director of the organisation.
He says that auctions have been less affected than other parts of the housing market in recent times due to a fast process and competitive pricing that ‘reflects market conditions’.
Lake says that success rates have dropped over the summer, although Auction House still sold 361 in July, bringing its annual sales total up to 1,897.
Auction House says it has noticed an increased number of former churches and chapels entered into its auctions, many of them with planning permission already in place.
There have been ten across the UK so far this year and another three coming under the hammer next month.
“We’re seeing more private sellers coming to us, attracted by the certainty of the auction process in a climate where chain transactions are the cause of so many problems and delays,” adds Lake.
“This also means that many more ready buyers – including first timers - are now purchasing at auction using mortgages or specialist finance, and often buying for owner occupation.”
He says he expects activity to rise again in the autumn and that Auction House’s September catalogues are already starting to fill.
Yesterday, we reported that SDL Graham Penny recently raised over £3 million at a property auction in Leicester – the highest sales figure ever recorded in the city.
You can see a full list of property auctions taking place this week here.