Auctions vie for attention of buy to let investment p...

Auctioneers are keener than ever to vie for the attention of buy to let purchasers in the current competitive market.

Auction House says its record October result of just over £64.6m easily out-performed every other UK property auctioneer’s sales in the past month.

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

Founding director Roger Lake says: “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.”

He adds: “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. 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.”

Lake says that despite the pandemic the group is on track to achieve over 3,000 lots sold for the sixth year in succession.

Meanwhile Savills raised over £44m in its November auction, selling 90 of the 135 lots offered - the strongest performance for the firm’s auction division since 2015.

Savills auctions team has now sold over £240 million of property so far in 2020, which is almost 40 per cent higher than the same period in 2019.

Christopher Coleman-Smith, head of Savills auctions team, says: “We found that houses within the M25 generated a strong response from bidders with many opting for home with outdoor space and favouring houses over flats. The transparency of the livestream auction style has engaged the public, bringing them as close as possible to being in the physical room while sat at home.”

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