Repos help boost auction results

National property auctioneer Auction House had a record-breaking November, helped by numbers of repossession lots.

It raised more than £15m during the month – doubling the figures achieved in the same period last year, and helping to keep cumulative success rates at over 80%.
 
An unprecedented 2,000 lots have been offered so far this year, with over 1,500 sold, raising a grand total for the year so far of over £150m.

Repossessions have been an increasingly important aspect of the brand’s success.

At the most recent sale in West Yorkshire on November 30, they accounted for almost a fifth of the 45 lots sold. They included a two-bedroom end of terrace property in Normanton near Wakefield (pictured), which generated so much interest that it rapidly went from a starting guide of £35,000 to a final hammer price of £63,000.

Auction House founding director Roger Lake said: “There seems to have been a surge of interest in auction properties – with high viewing levels, record attendances at sales, and a large percentage of our buyers wanting to live in the houses, rather than sell them on.
 
“The simple fact is that Auction House can achieve the best possible prices because it sells properties regionally. That means we have the unique ability to combine local knowledge with the marketing expertise of a national brand, to ensure that homes sell for higher sums than if they were offered at a big city auction miles away.
 
“Our large database of cash buyers and wide selection of open days on which properties can be viewed, ensure that we maximise the potential of every lot on our books. It’s a philosophy which is clearly bearing fruit.”