Network Auctions smashes record for 2017

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Network Auctions raised £3.4 million in its last sale of the year – beating its record from the previous year.

The sale took place on December 7 and involved some significant results. A building plot in North London went under the hammer for £210,000 against a reserve of £11,000, while a semi-detached house in Bristol with a late addendum regarding Japanese knotweed sold for £434,000 with a guide price of £360,000-£370,000.

Meanwhile, a bidding war for a parcel of land in Feltham saw an impressive hammer price of £17,000 against a guide price of £2,000-£3,000.

In total, Network Auctions has raised £41 million in 2017, up from the £36 million it achieved in 2016. This marks its most successful year to date, with a rise in overall sales from 79% in 2016 to 81% this year.

This success shines light on the resilience of auction performance in the property market despite the uncertainty caused by Brexit and the backdrop of record low private treaty sales.

Toby Limbrick of Network Auctions commented: “Our record breaking results in such a difficult market are testament to the hard work and positive approach of our auction team. We firmly believe our results confirm the confidence people continue to have in the sector.”

He added: “We are committed to auction and delivering success in 2018 and are excited about the rapid growth of Network E, our conditional online sales platform, which is proving a big hit with our estate agent partners.”

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Written by: Houseladder