Auction House announces best April
sales results for five years
Auction House – operating as Coventry and Warwickshire - has seen
the highest amount of money raised in its April auctions since 2018.
Compared to 2022, money raised on
behalf of Auction House clients soared by 11% despite holding slightly fewer
auctions than last year. Total money raised in April 2023 stands at
£44,709,450, whilst last year it was £40,311,811.
Sally Smith, Director and Auctioneer said: “These figures prove that Auction House sales
continue to squeeze the last penny of profit out of every lot, despite
unrelenting downward market pressure on prices.
“We put this success down to three
key elements. Firstly, it’s the undeniable skill of our team of talented
auctioneers. Years of experience mean that our auctioneers know exactly how to
read a room (virtual or otherwise), when to drop the hammer and when to wait
just that little bit longer for another bid to come in.
“Secondly, it’s about getting the
guide price right. Our local teams have unparalleled knowledge about their
region’s housing market, so are in the best possible position to price lots
correctly. We encourage our sellers to be realistic about their expectations,
explaining that over-optimistic pricing can put-off bidders who would otherwise
be encouraged to take part, often pushing the price above what was anticipated
“Finally, it’s making sure that once
a property is listed, everything is in place by auction day. That means all
necessary legal paperwork needs to be in place and ready to go prior to marketing.
This extra diligence and hard work put in during the early stages reap
undeniable dividends later. Our sellers like it because it means their property
can go to auction successfully, and our buyers like it because it prevents them
wasting time on a property which is later withdrawn.”
Sally Smith says that he is expecting
these successes to continue during what is going to be a very busy month ahead.
He explained: “May is going to be an extremely busy month for us – with almost
30 auctions taking place across the UK; that’s an average of more than one
auction every working day in this month alone!
“Admittedly, there are still
challenging factors out there. Uncertainty fuelled by the cost-of-living crisis
and war in Ukraine both continue, and this week’s decision by the Bank of England
to raise interest rates for the twelfth consecutive time will no doubt have an
“Nevertheless, based on current
activity levels and the sheer number of enquiries from potential bidders, we
fully expect to see some excellent results in May – despite the plethora of
Bank Holiday weekends!”