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Virtual property auctions ‘are functioning well’ during lockdown - Auction House

Property auctions continue to prove popular and attract a number of investors, including buy-to-let landlords, despite the coronavirus crisis, according to Auction House. 

The lockdown restrictions did not stop the company raising more than £20.7m in April on the back of 64.3% sales success rate, with 220 of the 342 lots offered nationwide sold under the hammer. 

Auction House’s founding director, Roger Lake, said: “Despite the unprecedented circumstances we’re all experiencing, we are currently delivering over 60% of our normal level of sales. 

“Bidder numbers have been strong and some keenly priced lots have seen fierce competition - some in excess of 100 bids - before being hammered at impressive prices.

“Whilst there has been a reduction in entry numbers as some private sellers hold back, our core supply of listings is continuing and regular auction buyers are still very active.”

 

All of the auctions are run with remote bidding by telephone, proxy, or via the internet, and Lake says that the transfer from room auctions to live-stream and online sales has been smooth and efficient.

He added: “Our remote bidding systems are functioning well and we have already proved that we can market and sell auction lots very effectively despite the lockdown. We are also making full use of video tours, virtual viewings and Facebook Live events, which are proving valuable additions to our marketing programme.

“Nevertheless, we hope that restrictions will soon be eased and our full appraisal and viewing services can be resumed. In the meantime, our use of digital, desktop and database systems is the best replacement currently available.”

Poll: Are you currently willing to buy property via a remote-bidding-only online auction?

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