Firm’s record month in increasingly-competitive auction market

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Auction House says it sold more properties in October than during any other month in the company’s 10 year history.

The firm offered 626 lots under the hammer and sold 468 – a success rate of 74.8 per cent, raising £56.7m.

“More private sellers are using our auction rooms to achieve a speedy sale, rather than get stuck in slow moving chains and suffer cancelled transactions. There is some regional variation showing through – with our northern rooms particularly busy, and those in the southern half of the country more challenged” admits Auction House founding director Roger Lake.

His firm has recently teamed up with Coventry & Warwickshire-based auctioneer Loveitts – the latest of a series of links between operators within the sector.

The auction market has become more competitive as the mainstream sale by treaty market has become more challenging in recent months. Early this week Fine & Country announced that it was linking with the auction firm IAM Sold to offer its vendors a mortgage option if they wished to take it.

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Written by: Houseladder