Auction House, the UK’s leading
national and regional property auctioneer – which has a branch in Coventry
& Warwickshire - has delivered its best ever first quarter sales in the 12
year history of the company.
The group sold 762 lots between
January and March 2019 – up 5.5% on the previous year - at a success rate of
74.4%, and raising £87.9 million in the process.
Loveitts Director and Auctioneer
Sally Smith said: “These are remarkable figures for Auction House –
particularly at a time when the industry is reporting a 10-15% drop in sales.
Once again, Auction House continues to buck market trends, confound the
critics, and exceed expectations.
“Certainly regional auctions are
gaining in popularity as more local sellers switch to the auction room for a faster
result. 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.”
The month of March also delivered well for the group, with 243 lots sold (242 in March 2018), at a success rate of 71.3% with £29.1 million raised. Sally Smith explained: “Matching last year’s sold result in March is a powerful outcome amidst unprecedented political turmoil over Brexit. We put that success down to our unique combination of local knowledge, regional expertise and national strength, which enables our winning performance to be maintained year on year.”
The number of entries into the
group’s April sales is also up on last year. There are currently
528 listings to date - a marked rise from 485 in April
Sally Smith 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.”