"These figures prove that Auction House sales continue to squeeze the last penny of profit out of every lot, despite unrelenting downward market pressure on prices"
Compared to 2022, money raised on behalf of Auction House clients soared by 11% despite holding slightly fewer auctions than last year. Total money raised in April 2023 stands at £44,709,450, whilst last year it was £40,311,811.
Auction House Managing Director Jeremy Prior said: “These figures prove that Auction House sales continue to squeeze the last penny of profit out of every lot, despite unrelenting downward market pressure on prices.
“We put this success down to three key elements. Firstly, it’s the undeniable skill of our team of talented auctioneers. Years of experience mean that our auctioneers know exactly how to read a room (virtual or otherwise) when to drop the hammer and when to wait just that little bit longer for another bid to come in.
“Secondly, it’s about getting the guide price right. Our local teams have unparalleled knowledge about their region’s housing market, so are in the best possible position to price lots correctly. We encourage our sellers to be realistic about their expectations, explaining that over-optimistic pricing can put off bidders who would otherwise be encouraged to take part, often pushing the price above what was anticipated anyway.
“Finally, it’s making sure that once a property is listed, everything is in place by auction day. That means all necessary legal paperwork needs to be in place and ready to go prior to marketing. This extra diligence and hard work put in during the early stages reap undeniable dividends later. Our sellers like it because it means their property can go to auction successfully, and our buyers like it because it prevents them wasting time on a property which is later withdrawn.”
Jeremy adds that he is expecting these successes to continue during what is going to be a very busy month ahead.
He explained: “May is going to be an extremely busy month for us – with almost 30 auctions taking place across the UK; that’s an average of more than one auction every working day in this month alone!
“Admittedly, there are still challenging factors out there. Uncertainty fuelled by the cost-of-living crisis and war in Ukraine both continue, and the recent announcement by the Bank of England raising interest rates for the twelfth consecutive time will no doubt have an impact.
“Nevertheless, based on current activity levels and the sheer number of enquiries from potential bidders, we fully expect to see some excellent results in May – despite the plethora of Bank Holiday weekends!”
