The latest figures from the UK’s largest auction firm, Auction House, indicate that the auction market is performing strongly so far this year.

The auctioneer sold 319 lots across the UK in May and is currently outperforming its 2017 figures by over 6%.

Since the start of the year, Auction House has sold 1,358 lots at a success rate of 74%, raising more than £173 million.

“At a time when the property market is going through a challenging period, we are pleased to report another strong set of figures, which are still ahead of last year’s results,” says Roger Lake, founding director of Auction House.

He adds that some of the firm’s auction rooms have been delivering success rates of over 85%.

Strong entry numbers have been boosted by landlords and investors exiting the rental market, with the auction sector yet to suffer the stock shortage being experienced by estate agents, says Lake.

“Demand is strongest for properties requiring refurbishment and renovation, where we see a healthy demand in all our auction rooms nationwide,” he says.

Lake warns, however, that there will be challenges in the summer months.

“We are operating in uncertain times. The winds of change are often seen first in auction rooms, and the reality is that vendor expectations may need to soften if we are to deliver the required results.”

Regionally, the auctions expert says that the north is shaping up better than the south and that shrewd buyers can pick up bargains over the next few months.

“We still have an active market, our rooms are well attended and my advice is that [sellers] should get their properties entered into our catalogues sooner rather than later,” Lake concludes.