Auctioneer selling Purplebricks and Countrywide homes reports strong sales

Auction House says the number of lots it sold in the first half of 2018 was some 3.8 per cent up on the same period of last year. 

The company, which is Britain’s largest property auctioneer, has tie-ups with hundreds of estate agents including Purplebricks and Countrywide.

Between January and June the group sold 1,571 lots from 2,096 offered – a success rate of 75 per cent and raising nearly £200m (£197,657,900) in the process. 

During the first six months of last year the group sold 1,516 lots from 2,020 offered - also a 75 per cent success rate - and raised £182.8m.

The improvement comes despite what the firm calls “a challenging climate” with many purchasers, especially buy to let investors, becoming more selective. 

“Despite this, all our metrics have strengthened and our ability to sell three quarters of everything we offer has been maintained year on year. The property market is still in a nervous state and there is uncertainty going forward” says Auction House founding director Roger Lake.

In what could be seen as a sign of the turmoil on the High Street, Lake adds that in the past six months an increasing number of lots have come from the retail sector - this now accounts for 10 per cent of all lots offered.

“The decline of the High Street is now showing through in the higher proportion of shops and mixed-use premises being offered and sold, with 245 of them entering our catalogues in the first six months of this year alone.

“These properties are attractive to mixed portfolio investors and particularly to local users – many of whom will be considering change of use and the potential of residential development” says Lake.

“Without doubt, small and medium-ticket retail lots are delivering a better audience through a nearby regional auction room, which attracts local buyers seeking a project, or purchasing for another purpose – a trend which is aided by the opportunity to add commercial investments into personal pensions.”