Auction House sees surge in buyer demand

11 June 2020 | General

Auction House said the easing of lockdown restrictions for the property market on 13 May has generated a significant rise in buyer demand.

The UK’s largest property auctioneer saw a surge in buyers for its sales from the middle of last month, with some online livestream auctions attracting over 1,000 viewers.

Roger Lake, founding director of Auction House, said: “The impact of releasing the property market from lockdown has been remarkable.

“Our success rates have risen enormously, bidder numbers are high, and the sales prices achieved are strong and often well ahead of expectation.

“In fact, when sellers take our advice on pricing, we’re selling nearly everything we’ve got!”

During May, the group offered 202 auction lots and sold 156.

Lake added: “Not surprisingly, the fact that people can now view properties they are interested in buying has stimulated an exceptional interest in auction entries.

“Our livestream sale in East Anglia last week had as many viewers online as we would typically have had in the room and online combined.

“Our buyers have recognised that our remote biding services via telephone, proxy or the internet – which have become the norm in the current climate – are proven, safe, and secure.

“The market is re-emerging. Indeed, we may have expanded our buyer group through those who saw auctions continuing to take place during the tightest weeks of the lockdown and have come to join us.

“We’ve now got buyers waiting for all sorts of stock, and we’re hugely confident that any property offered by Auction House and suitably priced will quickly find a buyer.”

This post has originally been featured in Property Wire.