Auction House - operating as Coventry and Warwickshire - is reporting its most successful May in the 16-year history of the group.
The month saw the most lots offered and sold, as well as a record-breaking amount of money raised. In May 2023, Auction House offered 707 lots and sold 537 of them (a 76% success rate), raising £72,650,604 – the highest-ever total for the month.
Compared with 2022, year-to-date figures
also increased, with the number of lots offered up 29%, and properties sold by 16%.
on the figures, Sally
Smith, Director and Auctioneer said:
“What these figures prove is the remarkable confidence buyers have in the
medium to long term property market. Although this is not to say there aren’t
current challenges. Further hikes in the base rate are almost inevitable and
the market is pricing in even more expensive mortgage rates this year.
“We have also
seen a marked reduction in numbers of registered bidders – dropping by at least
30% and in some parts of the country by even more. However, this means that
those bidders still buying are serious and motivated (each of them hoping that
there is now less competition) and have confidence in the future of the housing
previous difficult times there appears to be a ‘ripple effect’ taking place,
with the South of England initially experiencing more challenging market
conditions, which we suspect may spread northwards over the coming months.”
However, Sally Smith was keen
to point out that in a tricky market, the advantages of auction over private
treaty really make themselves evident.
“The competitive atmosphere in the sales room (both in-room and livestream)
means that once a property has reached its reserve, a leading bidder is often
reluctant to relinquish their position simply for the sake of one more bid. The
psychology of auction means that for the few seconds that they’re ahead, the
property feels like it’s theirs.
the under-bidder feels the pressure to move into the lead, which often may only
be one more bid away. With the help of a good auctioneer, this can set up an
ever-changing and dynamic process, all of which drives up the price for the
despite the best efforts of the doom-mongers out there, we continue to produce
consistently impressive results, which – like this month – often beat previous