Auction success shows property sector can still thrive - claim

Two auctions held behind closed doors have been deemed a success, and evidence that the property market can still function despite the lockdown.

Savills has held its first ever remote-bidding-only auction, run by a single auctioneer supported by almost 30 staff working remotely connected using technology. 

Over the course of the day it raised over £18m and successfully sold 67 per cent of the lots - taking 3,000 remote bids.

The company - which has its next auction on Wednesday May 6 - will supply an increased number of photographs alongside a virtual tour and floorplan for all lots. 

Meanwhile SDL Graham Penny’s 100th Derby auction, and the first in its history to be held behind closed doors, was a success according to auctioneer Andrew Parker. 

The firm says that for the 500 viewers watching on the internet, very little looked different – and the bids came in as thick and fast. 

With over 120 pre-registered remote bidders, buyers placed their bids on the telephone, by proxy and over the internet, and more than £2.6m was raised for sellers. 

“It was not the 100th auction celebration we had planned but we were delighted to have such great support from our remote bidders. I missed seeing everyone at the auction but it was wonderful to know they were out there, watching from the safety of their own homes” says Parker.

“We have proved that, despite the current social distancing rules, it is possible to keep the property industry moving – and that buyers are showing just as much interest in our properties as before.”

The firm’s next online auction is on May 13.