Auction House became the first residential auctioneer in the UK to sell more than 1,000 lots in 2014, reaching that milestone two weeks earlier than last year.

The award-winning group ended May having sold 1,021 lots since January, with figures up by 15% on 2013. The 1,000th property in question was a three bedroom mid-terrace property in Carlisle, Cumbria, which sold close to the top of its guide price, for £44,000.

Commenting on the latest statistics, Founding Director Roger Lake said: “These figures make impressive reading, particularly in the more challenging auction market out there. Stock has been harder to find, and sellers’ expectations of prices have been higher - so we’re delighted that our regional auctions approach continues to gather momentum.”

Roger Lake also pointed out that auction sales are not beset with the problems and complications precipitated by the Mortgage Market Review. In fact, he suggested that the speed and certainty inherent in the process make auctions more attractive in current conditions.

He added: “Whilst the private treaty market labours with mortgage application problems and valuation delays, we see that sales by auction are happening faster than ever. An instant exchange on the fall of the hammer after a four week marketing period is a hugely attractive benefit when compared to an average of over 13 weeks between agreeing a sale and exchange of contracts on the open market.

“The certainty offered by an auction sale is another big plus. Cancellations and chain delays create huge problems for both sellers and buyers under the private treaty system - whilst by comparison the auction operation is simple, certain and speedy.”

Geographic expansion is the other element of Auction House’s growth and the group has announced that experienced operators Dafydd Hardy Auctions have joined its network, and will be trading under the brand across North Wales. Their arrival takes the group’s total to 38 auction rooms, bringing the brand into a new region where sale by auction is already well established.