The success of the UK’s leading residential property auctioneer Auction House is revolutionising the pattern of property sales in the north of England.
The latest EIG figures (Jan-Apr 2013) show that Auction House has overtaken the traditional sales rooms in the region to become a clear market leader, having sold 434 lots from 541 offered (a success rate of 80%), compared to its nearest rival with only 289 lots sold.
Ian Hill, Director of Auction House Manchester said: “Auction House is redrawing the map of auction sales in the north of England. The result clearly demonstrates the attraction of our 13 northern auction rooms, with the vast majority of vendors now choosing to sell in-region rather than from an auction room far away. The benefits of better marketing, hosted open house viewings and busy auction rooms with more local buyers are the clear reasons for better prices being delivered.”
Nationally, the Auction House network offered 279 lots across its 30 auction rooms last month, with 218 sold at a healthy success rate of 78%, raising £23m. Commenting on the figures, Ian Hill added: “Our early spring sales were a great success; viewing levels are up and auction room attendances are too. We are currently entering far larger numbers of commercial lots alongside more must sell residential properties. Investors have become more active, tenanted stock is particularly popular and builders are back acquiring land and development sites.
“There is now a big window of opportunity for struggling Private Treaty stock to be quickly sold by auction – and it is pleasing to see that sellers and local agents are realising the better chances that we offer”.
Other trends being reported by Auction House include an increasing number of ASTs being sold at auction to landlords who like to buy with instant income; the better prices now being achieved for commercial lots sold in region; a noticeable rise in rural entries and an increased demand for secondary retail.
Ian Hill concluded: “Auction House is now the logical first choice for sellers of residential, commercial and investment lots. The service we offer is second to none and our results are way ahead of the rest”.