Success for East Midlands property auction company

A surge in the popularity of auctions has seen property sales exceed £10 million for one regional company in the last year.

Managers of the East Midlands Property Aution say they have seen a rise in the number of people using auctions to buy or sell property of all types.

In addition, more land and development opportunities are going under the hammer.

East Midlands Property Auction, which was set up four years ago by Lincolnshire estate agents Pygott & Crone, say it has carried out 96 sales since the start of the year.

It says the total value of the sales was £10,874,633, with an average sale price of £113,227.

One of the instructions sold for £300,000.

Paul Wood, a partner at Pygott & Crone, said “Property auctions have traditionally been used to sell run-down properties that appeal to investors but this is rapidly changing.

“Because we offer a modern and traditional auction method we’re seeing better choice of stock for buyers including larger homes, terraced house and plots across the Midlands.

“Vendors can choose to sell their property through the modern method or traditional method, giving greater choice and flexibility.”

He added: “Our auctions have gone from strength to strength since launching in 2011."