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Auction House outperforms sector by 10%

Auction House has seen sales figures increase by 7.3% on its performance last year while the sector overall has dropped by 3.5%.

Between January and September, the property auctioneer sold 2,156 properties from 2,839 offered, up from 2,009 sold from 2,668 offered in 2017, leading to a success rate of 75.9% (compared to 75.3% last year).

Roger Lake, founding director of Auction House, commented: “The national picture may appear lacklustre because there is less corporate and distressed stock out there, but Auction House is selling more properties from private vendors, which is where we believe the future growth of the sector lies.”

“Nevertheless, to be selling three out of every four lots we offer is exceptional in the current climate.”

Lake said that auctions are attracting more people whose properties have failed to sell through estate agents.

Under private treaty, the average length of time between agreeing a sale and exchanging contracts is over four months. By contrast, every auction sale exchanges immediately on the fall of the hammer, with completion typically four weeks later.

“Auctions are also becoming better understood,” he continued. “Our 40 salesrooms across the country are easily accessible, helping us outperform not only the housing market generally, but also the sector in particular.”

“As our results consistently prove, sellers can rely on our auctions to deliver a speedy result.”

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