The UK’s largest property auctioneer says its first quarter’s sales figures for 2018 are ahead of those for the same period last year.
Auction House says it sold 722 lots in the three months from January to March, compared to 712 in 2017, with a 76 per cent success rate and raising a total of more than £85m.
It has also entered 485 lots into this month’s sales, compared to just 407 in April last year.
Auction House founding director Roger Lake says this is encouraging given the poor weather in March and continued uncertainty surrounding the property market.
“Whilst we had a buoyant February, activity in March was hampered by snow and freezing weather which hit viewings and sales alike. This should also be set against a background of dampened activity in the property sector as a whole. For example - the latest survey of RICS estate agents indicates buyer demand has fallen continuously for a full year, and average stock levels remain near an all-time low” says Lake.
He adds that although auctions, too, are noticing a stock shortage, the sector would appear to be more resilient to market fluctuations.
“More people are recognising that auctions are a quick and successful method of selling property. In particular, they are perfect as a route to market for landlords who can sell with tenants in-situ. The time is also right for buyers wanting to refurbish property before selling it on – something which should be easier now that spring and the warmer weather has arrived” he says.
Auction House UK was formed in 2007 and is the country’s largest residential auctioneer and second largest commercial property auctioneer in terms of lots sold – the only auctioneer to sell over 3,000 lots in each of the four years 2014 to 2017 inclusive.
It has 40 auction rooms across Britain and accounts for more than 12 per cent of all property auction sales nationally.