Auction House surpasses 3,000 lots sold milestone

Property auctioneer Auction House has sold 3,076 lots this year, exceeding the figure one month earlier than in 2017.

The cumulative total for the year recorded a success rate of 74.3%, with the value of lots sold in 2018 currently standing at more than £382 million.

October also saw a record number of lots offered in a single month (681). Of these, 486 were sold – the group’s fourth record month in succession – with a success rate of 71.4% and over £56.6 million raised.

Roger Lake, founding director of Auction House, said these are ‘exceptional results’ amidst a challenging time for the property industry.

“Auction House is delivering results for needy and urgent sellers, and achieving exchange of contracts in 3-5 weeks from instruction,” he added. “Our clients realise that a big attraction of auction is that we don’t suffer the delays, chain transactions and cancellations which are ever-present in the private treaty process.”

According to Lake, an increasing number of sellers are seeking out regional auction rooms – particularly for homes which have failed to sell through estate agents.

“Our regional presence means that we can recommend competitive pricing for every lot, and because we understand our regular buyers, we can work with them on post auction sales, which are a significant element of our results,” he explained.

“Auctions are perfect for selling properties with short leases, houses requiring work, buy-to-lets, as well as mixed use and commercial. We have 30 auctions booked from mid-November to mid-December in all parts of the country, so there is still time to sell through us this year, prior to the Christmas break!”