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Virtual property auctions continue to prove popular

Property auctions have proved increasingly popular and attracted a number of investors, including buy-to-let landlords, since the lockdown restrictions were eased, according to Auction House. 

The property auction firm reports that there has been a sharp rise in buyers for its sales since restrictions were lifted on 13 May, with some online livestream auctions attracting more than 1,000 viewers.

Auction House’s founding director, Roger Lake, commented: “The impact of releasing the property market from lockdown has been remarkable. 

“Our success rates have risen enormously, bidder numbers are high, and the sales prices achieved are strong and often well ahead of expectation. 

“In fact, when sellers take our advice on pricing, we’re selling nearly everything we’ve got!”

During May, the group offered 202 auction lots, and sold 156 of these, at a success rate of 77.2%. This represents a 14% month-on-month rise in successful sales, with the total value of property sold hitting almost £20m.

This improvement continued into June, and last week the group again delivered a sales success rate of 80.2%.

Lake continued: “We’re seeing signs of a demand-led recovery in the auctions sector: a shortage of supply is the only factor holding back a return to normal sale volumes.

“When the restrictions came into place, it was like coming across a 30 miles per hour sign on a dual carriageway. But once lockdown was eased, the derestricted sign up ahead came into view and we could get back to full speed once again. Now we need to ensure that there is sufficient petrol in the tank – in other words, enough new entries to satisfy the rush of buyers.

“Of course, this situation represents a big window of opportunity for sellers – now is an ideal time to bring properties to the auctions market.”

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

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