leading property auctioneer Auction House - operating as Auction House Coventry and Warwickshire - successfully
sold 1,409 lots in the months between January and May this year, a month before
that figure was achieved in 2018.
represents a 76% success rate and puts the group 3.8% ahead of last year (1,358
lots sold) at a time when it is already showing record entries of nearly 550
lots for the month of June.
on the figures, Sally Smith, Director and Auctioneer said: “Once again, these
are very healthy statistics for Auction House – especially at a time when the
slowdown in London appears to be spreading outwards. Nevertheless, the supply
of properties from sellers is strong, and our entries for the first half of
2019 are likely to be up almost 10% on last year.
this down in part to sellers preferring to sell in-region through a local
auctioneer, plus the growing number of landlords exiting the rental
market. The Private Rented Sector has been increasingly targeted by
government, with the result that many landlords are now voting with their feet.
is the regularly chosen route to sell rental stock, especially when mortgaged.
The great advantage is that the tenants stay in-situ, so rent continues to be
received by the seller up until completion, and by the buyer from their date of
May was a
quieter month for Auction House. Despite this, and the political turmoil that
has further upset buyer sentiment, the group sold 266 lots from the 381 offered
at a success rate of 70%, with £36 million raised.
Smith added: “I expect that the climate over the coming months will remain
challenging for all involved in the sector, but sellers will always have
auction available as a speedy exit solution for surplus properties, whether
they are vacant or tenanted.
picture for auction buyers is especially attractive: more choice, an increased
number of bargain-priced lots, and affordable lending. The market is balancing
out, which means that both sellers and buyers should benefit.
impact from the introduction of the tenant fees ban this month has yet to be
fully felt, but it looks likely that rents are going to rise. With prices
staying static, this means that yields should improve - which will further
boost property as a long-term investment.”