Regional property auctioneer Auction House has delivered its best ever first quarter sales in its 12-year history.
The group sold 762 lots between January and March 2019 – up 5.5% on the previous year – at a success rate of 74.4%, raising £87.9 million in the process.
Roger Lake, founding director of Auction House, said the figures were ‘remarkable’, particularly at a time when the industry is reporting a 10-15% drop in sales.
“Certainly, regional auctions are gaining in popularity as more local sellers switch to the auction room for a faster result,” he continued. “The appeal of speed and certainty is the big attraction – typically just two months from instruction to completion – compared with around five months or even longer, via estate agents.”
Auction House also saw impressive results in March alone, with 243 lots sold (matching 242 in March 2018), at a success rate of 71.3% and £29.1 million raised.
The number of entries into the group’s April sales is also up on last year; there are currently 528 listings to date – a rise from 485 in April 2018.
Lake added: “Our auction rooms are buoyant, with buyers finding properties that are ideal for their requirements. Prices are keener than they have been, lower land values are bringing builders back into the market, and undoubtedly there are some bargain opportunities out there.”
“Overall, our results across the regions have held up extremely well, despite what pundits have been saying about property transactions being hard hit. With Easter upon us, we are now entering the spring market and I expect interest to strengthen further – especially when our Brexit future becomes clear.”