Auction House sales rise as it tracks down ‘elusive buyers’

Auction House has sold a fifth more properties this year than the same period in 2022 despite the wider market slowdown.

The auctioneer has revealed that between the start of January and the end of August, the group sold 2,913 lots compared with 2,424 last year – a rise of 20%. 

In the month of August alone - traditionally a quiet month for auctioneering - the group sold 269 lots compared with 242 the year before – an 11% increase.

Auction House managing director Jeremy Prior said: “As these figures show, the auction market is simply getting busier and busier. 

“But as a company, what we’ve managed to crack is the ability to track down those elusive buyers who are still prepared to open their wallets. Because, without doubt, there are now some excellent opportunities for investors out there.”

Auction House also reported that 897 lots have been entered into its September auctions – significantly up on the 600-650 properties which were entered in the previous three months.

Prior added: “The market is clearly going through a very active period. In part, this is down to the fact that we’re witnessing the departure of a number of over-leveraged landlords. 

“But although buyer demand may have decreased, properties coming onto the market are being sold to those canny investors who have cash in the bank, and who are not so reliant on borrowing.

“Buy-to-let properties make up a significant proportion of our stock – with many of those in lower price brackets. And the truth is that lower-value properties often have the highest buyer demand, because they tend to attract a better rental yield than higher value properties.”