Want to sell your house by private treaty before Christmas?
You may already be too late, says Auction House, after
record sales
Auction House – operating as Auction House Coventry and
Warwickshire - is reporting its best-ever half year results in terms both of
lots sold and money raised.
In the first six months of 2022, the group sold 1,975 lots
from 2,338 offered (a success rate of 84.5%) and raised over £316m
(£316,581,100) in the process. This marks a 12% increase in sales since the
company’s previous best figures in 2019, when 1,752 lots were sold (from 2,277
offered).
It also represents a 13% increase in money raised on behalf
of its clients, compared to its previous best total in 2021, when the figure
stood at just over £278m.
Commenting on the figures, Sally Smith, Auctioneer and Director
said: “These latest figures represent yet another important milestone in the
Auction House success story. To continue to beat previous records, year on year
like this, is nothing short of remarkable. What’s more, we are seeing
impressive auction results all over the UK, including record-breaking sales in
London, Cumbria, East Anglia and West Yorkshire.
“Not only do buyers and sellers increasingly appreciate
unconditional auction as a method of sale, but it’s providing the perfect
answer for those looking for that essential combination of speed and certainty,
which the private treaty market simply cannot provide.”
Her comments come as the latest figures from Zoopla show the
average time taken from searching for a home to exchange via the traditional
private treaty method is rising – currently standing at around 170 days, or
five and a half months.
Sally Smith added: “In the height of the British summer, it
seems ridiculous to suggest that those wanting to sell their home via private
treaty before Christmas may already be too late. But that’s the unfortunate
reality.
“Contrast that with unconditional auction, when a few weeks
of active marketing before the date of the auction can lead to the deal being
done on the fall of the hammer. And whilst selling prices in estate agency
often end up lower than the quoted guide price, the bidding process in the
competitive environment of an auction means the final selling price is often
higher. For many properties out there, there’s no better way!”
However, Auction House is sounding a note of caution over
expectations, saying that the second half of the year is likely to be more
testing than the first.
Sally Smith explained: “Nationally, the statistics show that
the rate of monthly house price growth fell to its lowest rate since December
2019, with average values up just 0.1% in May this year. So, despite what
appears to be a very robust situation currently, there are signs that the
impetus in the property market as a whole is slowing, and buyers are becoming more
sensitive to price.
“We put this down to a complex cocktail of soaring
inflation, rising interest rates and the cost-of-living crisis – which, taken
together, are likely to make the back half of the year more challenging.”