Despite the cost-of-living crisis, high levels of inflation/interest rates and a housing market that can only be described as ‘sluggish’, Auction House continues to dominate the auction market. With sales increasing year on year by 7%, the Auction House Group sold 1,237 properties across the UK, raising more than £173 million on behalf of their clients in the first three months of 2024.
Jeremy Prior, Managing Director of Auction House UK commented: ‘The Auction House juggernaut continues to impress with clients enjoying quick and secure sales coupled with local knowledge, professionalism, and honesty. All ingredients which set the Auction House Group apart and the reason why investors, private sellers, buy to let landlords and major institutions are turning to Auction House to buy or sell property.
More and more people are attracted to the benefits of buying and selling at auction as private treaty sales continue to take upwards of six months to complete. Sellers are fed up with their properties sitting on the open market for frustratingly long periods with little to no interest, or collapsed chains and declined mortgage offers resulting in sales falling through.
Regardless of market conditions, our unconditional auctions guarantee completion within 4-6 weeks and no risk of a collapsed chain. This not only benefits sellers but also buyers who are keen to progress with a speedy and certain purchase.’
Alongside a steady growth in property sales, Auction House has seen extraordinary growth in their weekly National Online auctions with instructions up 85% and sales up 77% year on year for Q1.
Jeremy added: ‘We were excited by the growth of our online offering during the pandemic, where it proved an essential tool for conducting business while the auction rooms remained closed. However, since then, the platform has grown exponentially and has become a critical part of our business model, making property auctions more accessible to hundreds of buyers every week from across the world, whilst offering sellers the flexibility of auctioning their properties at a time of their choosing.’
Looking forward, Auction House will offer over 200 auctions this year including in-room, livestream and online, selling properties across England, Scotland and Wales.
