Auction House – operating as Auction House, Loveitts in Coventry and Warwickshire - is announcing its best ever April results, which now represent the sixth reported record month in a row for the brand.
The UK’s number one property auctioneer sold 353 lots in April from 447 lots offered – a success rate of almost 80% (78.97%), and raising £32,856,249 in the process.
Commenting on the figures, Sally Smith, Auctioneer and Director said: “This is a phenomenal achievement in a market that is both challenging and hesitant. Collectively, we refuse to be negatively affected by Brexit disruption and the gloomy reports from commentators. Our results prove that there are ample sellers and sufficient buyers for us to deliver an impressive number of sales.
“Sometimes our lots receive such strong interest they sell in advance of the auction. Most sell in the room, whilst others sell after the sale has finished. It’s a compelling combination, and certainly we don’t see any other auctioneer in the country performing at this high level of activity.”
Auction House’s cumulative results from the beginning of the year are also in fine form, with the number of lots sold up a full 9% compared to 2018. The group sold 1,125 lots from 1,471 lots offered – a success rate of 76.5%, and raising a total of £122,126,325.
Sally Smith added: “Regional auction markets are still buoyant, despite a national decline. Auction House specialises in selling local properties to local and regional buyers through nearby auction rooms. Those micro-markets are governed by regional factors, not national sentiment. Our regional auction rooms are delivering high success rates in most parts of the country, volume sales are still strong, and we are reporting growth at a time when estate agent activity has slowed.
“Auctions provide that speedy sale solution being sought by an increasing number of sellers. More and more landlords are now selling their buy-to-let properties as new, more aggressive tax policies erode rental profitability. Interestingly, this stock is selling well through our regional salesrooms – especially when improvement work is required or when yields are strong.
“We are advising many more investment landlords on how to slim their portfolios and limit their exposure to the higher taxation levels. My advice to those with buy-to-lets is to evaluate your position, talk to us if you need help with valuation or sale, and don’t serve notice to your tenants until you have decided on a disposal route. It may be better for you to sell the property tenanted rather than vacant – that way, you will continue to receive rent to help service your mortgage right through to legal completion. Our team can advise you on the best solution.
“The really good news is that regional auctions are delivering strong results. We can sell yours too – so ring soon if you need our help.”