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Auction House posts impressive July results

Auction House recorded an impressive set of results at its July auctions, with a total of 427 lots sold. This was up more than 18% (18.2%) on the same month last year.

The group experienced a national success rate of 71.6%, while the total raised was nearly £54.5 million. Auction House also sold its 2,000th property of the year one month earlier than in 2017. An end of terrace former off-licence at 105-107 Norfolk Street in Cambridge, it was guided at £400,000-£450,000 but eventually sold in the room for £795,000.

The cumulative picture for the year was also promising, with 2,030 lots sold from 2,692 offered, at a success rate of more than 75% (75.4%) and close to £260 million raised. 

“July was a strong month for entries and our sold numbers held up well despite trading conditions becoming more challenging,” Roger Lake, Auction House’s founding director, said.  

“It is great to have passed the 2,000 lots sold marker already, and to have notched up over £250 million worth of property sales so far this year. Pricing strategy is an important ingredient to success and local knowledge is necessary to deliver this consistently – it really is a significant strength and an undoubted attraction for our regional network.”

He added that the speed offered by auction had now made it a mainstream method of sale, which should be considered by those seeking an early result.

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