A success rate of 89% was achieved at Auction House’s first sale in London.
The event, at the Danubius Hotel in Regents Park, resulted in 24 out of the 27 lots selling, raising a total of over £3m.
Auctioneer Andrew Binstock, who joined Auction House at the beginning of the year, said: “This is a phenomenal result for the brand and further proof that the Auction House model works.
“Our unbeatable combination of local knowledge plus the marketing muscle of a national brand means that we can punch above our weight and produce results like this.”
One of the properties – a plot of land with lapsed planning permission for 13 houses – had failed to sell under a different auctioneer in the capital with a reserve price of £100,000 and a best bid of £95,000 only last month. Auction House London successfully sold the property for £124,000.
Auction House UK was formed in July 2007 and is now the largest auctioneer outside London, with a network of local estate agents and 25 auction rooms across England and Wales.
The company, which is run on a licence basis, will hold 120 auctions this year, with around 2,000 lots.
Comments
Anna, please don't assume. It makes an ASS out of U and ME, remember. No, I don't have a personal involvement.
However, auction suits certain people. Like most forms of pretty much everything, it doesn't suit everyone. But where money needs to be released quickly, and where best price isn't the priority, it's ideal.
Anyway, you contradict yourself so much, there's clearly no way you and I could have a reasonable conversation, is there?
Neil, nice sentiments and assume you have a personal involvement, if so be honest, would you sell your property at Auction? No of course you wouldn’t.
That’s why auctions are filled with repos where no one actually cares at the end price just the fat fee!
If you have so much knowledge to prove it wrong you post the results, or perhaps just how many of that 27 were for educated private sellers?
Yes, sometime the only way of getting rid of rubbish is Auction, then again it will have to be cheap by definition, so not the way to get the best price is it?. Neill no sane person other than auctioneers will support you.
Be honest with us, then go back to stitching poor people up who have no other option. When is your next auction I would like to buy some cheap stock myself
Anna, tell you what. Have a look at the results when they are available and have a look at where the properties are and the type of property.
Then comment.
There's a good reason why properties tend to go to auction. Usually because they're crap, and no one will touch them unless they're cheap.
27 lots, just £3m, ave £111K, Neil whats the UK average? Sold cheap. Proof provided Auction only good, in 99% cases, for those fee grabbers not the sellers.
Anna,
Where's this 'public proof' you speak of?
Thanks for public proof that Auctions only sell cheap, bet most were Repos, so many poor borrowers left with a bigger debt than if sold correctly.
Ave price at this London Auction £111K, no person in control would use them. Shameful, but well done for collecting 27 fees for little work, actually quiet jealous!