Auction House London jumps four places in EIG property auction table
Testament that Auction House London is going from strength to strength and is one of the most prominent and successful property auctioneers in the UK can be found in recent data compiled by the Essential Information Group.
The Essential Information Group (EIG) is the leading provider of property auction information in Britain. According to its latest UK property auctioneers table, Auction House London jumped a whopping four places, being propelled from tenth in the table to an enviable sixth place.
Advancing four places saw Auction House London increase its earnings from £40million to £94million.
Other auctioneers making significant gains were Allsop Residential, which extends its lead over rivals Savills. McHugh and Co. also made advances, moving from seventh to fifth place, just in front of Auction House London.
Highest rates in the residential sector achieved by Auction House London
Whilst several auction firms have enjoyed growth, with average success rates in the residential property market standing at 80%, by achieving a medium sales figure of 87.9%, Auction House London achieved the highest medium rate in residential property sales, the EGI report highlights.
With a slightly lower average of 87%, Clive Emson came behind Auction House London in residential auction sales.
The EIG report cited Auction House London’s Andrew Binstock saying the company had seen sales “rocket” in 2014. According to Binstock, the firm’s 2014 success was due to a culmination of increased stock, greater access to finance and renewed interest in the sales room.
A buoyant auction market
The gains made by several of the UK auction firms is representative of a burgeoning property auction market in general.
With benefits such as a fixed reserve and the sale assured once the hammer has fallen, a growing number of vendors and buyers are choosing the auction route for their property transactions. Statistics are testament to the surging interest in buying and selling property at action. In 1998, less than 15,000 properties were sold under the hammer in Great Britain. In the last year, the auction sector has seen overall sales rise from £3 billion to £3.4 billion, as the Essential Information Group report highlights.
Combining traditional values with modern approaches
Providing a fresh and dynamic spirit to property auctioneering that combines traditional values with modern approaches, Auction House London has been enjoying consistent success in recent years. Since 2011 Auction House London’s average sale rate has been a staggering 89%. In 2013/2014, the respected London property auctioneers had an average sales rate of 90%. In December 2013 Auction House London enjoyed an incredible 100% selling figure for its property auctions.
Auction House London’s phenomenal growth during the last four years is directly influenced by its passionate and dynamic auctioneers, who pride themselves on delivering a first-rate auction service from beginning to end.