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TODAY'S OTHER NEWS

Brexit: Auctioneer says many vendors want to sell before March 29

The auctioneer Auction House has reported sales up 6.9 per cent in 2018, raising a total of over £455m – a record in the 11 year history of the group.

Last year, Auction House sold 3,680 lots from almost 4,971 lots, representing a success rate of 74 per cent.

Group founding director Roger Lake says this is a remarkable result given Brexit and winer economic uncertainty. 

“It’s good to add yet another step to our market share staircase - at a time when nearly every one of our competitors has seen volumes falling – and achieve incremental growth for the 11th year in succession” he says.

“What’s more, there seems to have been a noticeable fall in the sector nationally, with figures suggesting that between December 2017 and November 2018 the market dropped by seven per cent. If this trend continued into December, as seems likely, it means that Auction House would have delivered ahead of the market by a massive 14 per cent over the course of the year.”

Lake says early 2019 listings are strong, too.

“Many vendors are now telling us that they want to sell this tax year and before Brexit Day. For this reason, we expect entry levels to stay strong in the first quarter.

“Whilst buyer numbers were down in the final quarter of last year, we didn’t experience the dramatic drop forecast by many. Looking further ahead, whatever happens with the Brexit process will inevitably have an impact on the market; but the latest figures certainly mark a very positive end to 2018.”

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