Jeremy Prior, Auction House Managing Director, said: “There’s no escaping the fact that there are some incredibly challenging conditions out there. As a result, many investors are looking at their portfolios and reviewing the situation, and investors of all types recognise that if they need to adjust their stock the speediest and most certain way to do so is via auction – which is why they come to us!”
The group’s comments come hot on the heels of the release of its latest figures, which indicate a 10% increase in the number of properties sold compared to this stage in 2021. To the end of November, Auction House has offered 4,409 lots at auction and sold 3,519 (compared to 3,188 last year) – with a success rate of 80% and raising a total of over £550m (£553,004,712).
Jeremy adds: “Despite the reduction in buyer demand, Auction House seems to be bucking the trend – not only with the 10% rise in sales year on year but also in maintaining our success rate at around the 80% mark. So, while some companies are failing to sell even half of the properties they list, we continue to successfully sell four out of every five properties we offer, despite the more challenging market conditions.”
Regardless of the gloomy macro environment, Jeremy says that the Auction House regional framework will allow the group to continue to outperform its rivals.
He concludes: “The crucial difference with Auction House is that we are a national brand - with all the subsequent marketing muscle - but we operate regionally. We have over 40 offices throughout the UK, staffed by experienced and knowledgeable teams, all of whom live and work within their areas of operation, and consequently have their fingers on the pulse of their respective local markets.
“Consequently, they can provide realistic, sensible, pragmatic advice to prospective sellers as to how they can not only enhance their chances of a sale but also squeeze the maximum value out of their property – an ability which other national auctioneers simply don’t have.”
