Old-style auction claims “tremendous success” despite problem for sector

Pattinson Auction has claimed its latest live non-online event was a “tremendous success” despite what it calls “misconceptions” about this way of selling, and despite a significant fall in auction business across the sector.

Pattinson says it achieved sales of some £10m of property at the event last week and says this “will help dispel any misconceptions that may still linger regarding selling by auction.”

A few days ago the Essential Information Group admitted that the number of auctions held in the UK in July plunged to just 107; this was 21 fewer than in July last year and 72 fewer than the record 189 held in 2008 and again in 2011. 

However, a statement from Pattinson insists that “auction offers a secure method of selling a property, providing a platform for exposure whilst retaining control of the process and … demonstrating that there's something for everyone.”

Pattinson director Justin Beckwith says: "Online auctions have become increasingly popular all over the UK by customers seeking the security and speed that selling by auction provides. However, we’ve found there's still a place for the physical auction event as evidenced by the conversion of 87 per cent of the 116 lots that were offered, resulting in plenty of our buyers and vendors alike leaving the auction room celebrating.”

He continues: "We've worked hard to generate and build relationships with our partner agents all over the UK, not only offering them a route to auction but by offering them support and guidance along the way and this shows in the number of quality referrals we're receiving. With fall-through rates of less than one per cent we anticipate this upward trajectory to grow as we continue to expand.”