Auction House sales outperform all other auctioneers in October

Leading property auctioneer Auction House has announced a record October result, with total money raised of over £64.6m (£64,679,596) – easily outperforming every other UK property auctioneer’s sales this month.

This monthly figure is also the highest for the group so far this year, and the second highest it has ever recorded. Full figures show 421 auction lots sold from 517 offered, at an impressive success rate of 81.4%.

Auction House Founding Director Roger Lake commented: “This performance, delivered under Covid restrictions, is exceptional and tells a powerful story about the effectiveness of regional auctions. We have always said that selling locally using our regional expertise is the best way to secure the highest prices – and these figures prove it!

“Across the country, we are selling a huge number of lots under the hammer every month, often several times more than any other auctioneer. This now includes more high-value properties and family homes, along with mixed-use, land and commercial lots too.”

Roger Lake says that TV programmes such as the BBC’s ‘Homes Under The Hammer’ and, more recently, Channel 4’s ‘The Great House Giveaway’ have helped highlight the opportunities that auction offer.

He explained: “The supply profile is very encouraging. We’re offering more variety and a wider selection of lots that in turn attract a larger spectrum of buyers. Individuals purchasing for owner-occupation or a refurbishment projects are far more prevalent, and auctions are unquestionably growing in popularity. Certainly, our bidder numbers are up, and the remote bidding methods that we use – whether it’s via livestream, online, telephone or proxy - are now well established and fully accepted.”

The cumulative 10-month results posted by Auction House are also impressive, showing 2,709 lots sold from 3,425 offered, at a success rate of 79.1%, with sales of £366.3m (£366,312,474).

Roger Lake added: “Covid may have limited the year’s activity so far. But the truth is that Lockdown 2 is very different from the previous one, and the government is actively encouraging the buying and selling of property to continue.

“So we expect Q4 to deliver a strong finish to the year. October produced a record outcome and we have high hopes for November and December. Despite the global pandemic, the group is well on-track to achieve over 3,000 lots sold for the sixth year in succession – again, a record that no other auctioneer can match!”