With auction sale rates averaging over 82% all year, it’s been a successful 2023 for Auction House London and our clients
4 December 2023
Auction House London has enjoyed another bumper year of auctions, testament to the continued appeal of our auction house, and the property auction sector as a whole.
Our first auction of the year, held in early February, had a sale rate of 83%, raising a total of £29,386,950. From a four-bedroom semi-detached house in Watford selling for £391,000, to a two-bedroom flat in Vauxhall, fetching £348,000 under the hammer, a diverse range of lots sold in an auction that got the year off to a flying start.
Our March auction saw an even higher sale rate of £85%, raising a total of £30,446,950. From Potters Bar, Hertfordshire, to Egham in Surrey, the property on our books was in hot demand, much to the delight of the vendors, and the winning bidders!
April was a similar story, with an 83% sale rate that totalled £30,183,000. As was our May auction, which boasted a sale rate of 82%, raising a total of £30,744,000. Our summer auctions were similarly successful, with June, August and September auctions pulling in sale rates of 81%, 77% and 82% respectively. Our October auction managed to raise £29,316,600 under the hammer, equating to a sale rate of 82%.
Our next auction, and the last of the year, is taking place on December 6. No doubt emboldened by the success of our earlier auctions; we have some fabulous lots already lined up. Check out this three-bedroom semi-detached property in Aldershot, Hampshire, with a guide price of just £220,000. Also up for grabs is this four-bedroom detached house in Beckton, London, which has a guide price of £430,000. Then there is this first floor flat in Southwark, London, with a £135,000 guide price, perfect for first-time buyers and investors.
Anyone interested in bidding on the lots available in our forthcoming auction will need to register to bid.
Sellers interested in joining the others who have successfully sold their property at one of Auction House London’s auctions this year, can request a free auction valuation. You may still have time to enter your property in our December auction, if you act quickly. If not, the dates for our first two auctions of 2024 have been confirmed and are taking place on February 7 and March 12.
The success of our auctions in 2023 confirms the growing demand for property auctions. Research shows that during the past year, the number of properties coming to auction in the UK has increased by 11.3%, up from 13,854 lots in 2021/22 to 15,424 in 2022/23. The appeal of property auctions is multifaced, with the speed and certainty of the sale, and higher completion rates being two of the biggest benefits of selling via auction rather than using a conventional estate agent.
The slowdown of the housing market in Britain in the first half of 2023 has also been attributed to contributing to the growing demand for property auctions. With sellers benefiting from the lower risk of fall-through that property auctions provide, with buyers locked into a purchase as soon as their bid is successful and the auction ends, auction houses like Auction House London have enjoyed a successful year.
Of course, another reason for Auction House London’s successful year, is our unrivalled auction service. During 2023, our clients have benefitted from our extensive marketing campaigns, which sees the online version of our catalogues sent out to over 100,000 subscribers, adverts in the trade press, as well as national and regional newspapers, the use of property portals, and more.
As well as our dedicated customer support team and extensive marketing, our clients have peace of mind that their property is in more than safe hands, as Andrew Binstock, our auctioneer, is widely considered to be one of the best auctioneers in Britain. Like the rest of our team, Andrew works tirelessly to ensure every property on our books goes for the best possible price, through his energetic and engaging style of auctioneering.
We are also one of the only auction houses in the country to have a dedicated sales team. As our clients have enjoyed throughout 2023, our large team of experienced staff work diligently to give our vendors the highest level of personal support.
If you would like to join the long list of clients that have sold or bought property in our auctions, please contact our friendly team of property auction professionals.
Written by Jamie Royston
4 December 2023
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