Auction House celebrates record activity in May

Auction House is reporting its most successful May in the 16-year history of the group, despite a decline in bidders.

The month saw the most lots offered and sold, as well as a record-breaking amount of money raised.

In May 2023, Auction House offered 707 lots and sold 537 of them - a 76% success rate - raising £72,650,604 – the highest-ever total for the month.

Compared with 2022, year-to-date figures increased, with the number of lots offered up 29%, and properties sold by 16%.

Commenting on the figures, Auction House managing director Jeremy Prior said: “What these figures prove is the remarkable confidence buyers have in the medium to long term property market. 

“Although this is not to say there aren’t current challenges. Further hikes in the base rate are almost inevitable and the market is pricing in even more expensive mortgage rates this year.”

Prior said the brand has seen a “marked reduction” in numbers of registered bidders – dropping by at least 30% and in some parts of the country by even more. 

He added: “However, this means that those bidders still buying are serious and motivated, each of them hoping that there is now less competition, and have confidence in the future of the housing market.

“As in previous difficult times there appears to be a ‘ripple effect’ taking place, with the South of England initially experiencing more challenging market conditions, which we suspect may spread northwards over the coming months.”