Auction house reports best ever success rate in 2020
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Auction House UK – operating as Auction House East Anglia in this region - is reporting its best-ever annual success rate of 79% - meaning that during 2020 it successfully sold four out of every five properties it offered.
The group also sold more than 3,300 auction lots for the fifth year in succession (3,304 from 4,171 offered) and raised a total of more than £447m– up from £439m in 2019.
Commenting on the figures, auction surveyor Robert Hurst, based in Norwich, said: “2020 was a spectacular year for us. Despite the property market closing for over six weeks during the first lockdown, despite having to transfer all our room auctions to livestream or online sales, and despite ongoing coronavirus restrictions, we still managed to sell a higher percentage of lots than ever before.
“The auction market kept functioning, sellers and buyers remained both interested and active, and lockdown restrictions didn’t hold us back. Our immediate shift to remote bidding auctions helped maintain momentum and they grew in popularity as the year progressed.
“This success is proof that buyers and sellers have taken to the idea of livestream and internet sales, and are as happy to bid by telephone, proxy or online as they were in our room auctions. It also gives us confidence that even under another lockdown, we can look forward to similar successes in 2021.”
Auction House results for the month of December were 420 lots sold from 515 offered, at a success rate of nearly 82% with almost £60.4m raised.
Robert added: “Monthly sales in October, November and December were all ahead of 2019 levels, and we move into 2021 with a healthy supply of early entries and a continuing demand from buyers.
“The third national lockdown shouldn’t adversely affect us. The Government has confirmed that we can still carry out valuations and viewings with safety measures in place, and we have regular livestream or online auctions booked.
“What’s more, the message seems to be getting across to both buyers and sellers that – unlike the private treaty market – we can still deliver sales that complete in advance of the stamp duty holiday deadline on 31 March.
“Future uncertainty is influencing more and more sellers to choose auction and get their properties sold. Our February catalogue is filling quickly and initial viewings are strong too. So, it is certainly business as usual at Auction House and 2021 looks set to be off to a very busy start."
Auction House East Anglia holds its first livestream auction of the year at 11am on Wednesday, February 10. You can contact the team via auctionhouse.co.uk/eastanglia or by phoning 01603 505100 (Norwich) or 01473 558888 (Ipswich) to find out more.