Pugh & Co scored an impressive 100% success rate at its inaugural online-only property auction.
Offers were received from across the UK, with the collection of residential properties selling for an average of 39% above the guide price.
The online-only service was introduced as an additional disposal method to offer further flexibility for clients – alongside the firm’s room auctions.
The service is powered by a customised technology that utilises the proven bidding platform behind Auction Technology Group’s ‘Bidspotter’ operations, which is used to transact over £2 billion in sales annually.
“We took the decision last year to develop our online auction capability, alongside our established room-auctions, to offer additional flexibility for clients whose timelines don’t suit the room auction or who needed a bespoke solution,” said Paul Thompson, managing director at Pugh & Co.
“Our approach was to develop a customised product for online property auctions that clients could be confident in, while utilising the proven technology and experience from within our asset auction team – who have been selling goods online for over fifteen years.”
The auctioneer has regularly sold property from all over the UK; the nature of its online-only service is non-geographic, offering clients outside of its core regions an additional level of confidence.
The online-only platform has seen high interest since, with further instructions confirmed for future auctions.
One property, located on Oak Street, which was originally due to be offered online, will now feature in the upcoming February room-auction taking place later this month. This is amongst almost 200 lots that will be on offer, including a full range of commercial premises, residential properties and land lots.
Established 26 years ago, Pugh & Co was acquired by Leeds-based property consultant Eddisons in 2016.
The firm’s next property auctions will take place at the AJ Bell Stadium in Manchester on 19 February and at Leeds United’s Elland Road football ground in Leeds on 21 February.