UK property auctioneer Auction House sold 471 lots during February and raised a total of over £61 million – making it their best month to date.
The figures are marginally up on last year’s, signalling a strong start to 2018 and the growing appeal of auctions.
Roger Lake, founding director of Auction House, described February as an 'exceptional month'.
“Our sellers were wise, acted early and managed to avoid much of the disruption caused around the country by the combination of the ‘Beast from the East’ and Storm Emma,” he said.
“Across our auctions network, the adverse weather meant we were unable to carry out valuations or viewings – sometimes for several days in succession. At times, either our auctioneers were unable to get out to properties, or when they managed to do so, the properties themselves were inaccessible.”
Lake said the near shutdown of activities would cause a temporary dip from regular volumes, but after that, entry numbers will rise again thanks to sellers’ urgency.
“Unfortunately,” he went on, “the weather will have taken its toll on empty properties too, with the problems of freezing and subsequent flooding sometimes causing significant damage.”
“The experience of such adverse conditions will hopefully prompt those with empty stock to put them into our auctions in late March and early April. “
Lake believes that this would provide the ideal opportunity for eager buyers to carry out all necessary refurbishment work as the better weather arrives, making them fit for resale or rent in the summer.
He also noticed that a growing number of people benefited from the remote bidding services that Auction House offers due to the recent weather conditions, with some opting to take part via telephone or proxy bidding as opposed to attending the sales in person.
“But from our perspective,” Lake continued, “sales have been lifted out of the gloom of last year. Looking ahead, we certainly expect the property market to strengthen further in the run-up to Easter and beyond.”