Auction House Outperforms Market in 2018
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Auction House Outperforms Market in 2018

This month’s first property auction for 2019 got off to a positive start after a record year of sales last year.

Auction House Hull & East Yorkshire is part of the UK’s largest property auctioneer network, Auction House, which this week reported increased sales for 2018 of 6.9%, raising a total of more than £455million, a record amount in the 11-year history of the group.

Last year, Auction House sold 3,680 lots from almost 5,000 lots offered (4,971), representing a success rate of 74%. Commenting on the latest figures, Simon Dee MRICS, partner and auctioneer at Auction House, Hull & East Yorkshire, said: “This is a remarkable result for 2018, especially against such a challenging background, with political uncertainty a significant and ever-present factor. It’s good to add yet another step to our market share staircase, at a time when nearly every one of our competitors has seen volumes falling – and achieve incremental growth for the 11th year in succession.”

As the current rising trend in popularity for buyers and investors to buy and sell via the auction route grows, one such property in the latest sale, a semi-detached three-bedroomed property in Inglemire Lane, Hull, in need of extensive modernisation, sold for double its reserve price - proving the auction room is a deliverable route for selling at the best price.

Simon says that an increasing number of sellers are seeking out regional auction rooms – particularly for homes which have failed to sell through estate agents. “Auction House is delivering results for needy and urgent sellers, and achieving exchange of contracts in 3-5 weeks from instruction. Both the Boulevard and New Bridge Road properties were late entries to this auction and sold on the night with less than a week of marketing. Our clients realise that a big attraction of auction is that we don’t suffer the delays, chain transactions and cancellations which are ever-present in the private treaty process.

“Here in Hull & East Yorkshire we saw some great successes at our property auctions last year, and the scene is now set for 2019 as buyers and sellers are seeing the auction route as a great way to buy and sell.

“Interestingly, many vendors are now telling us that they want to sell this tax year and before Brexit Day. For this reason, we expect entry levels to stay strong in the first quarter. Looking further ahead, whatever happens with the Brexit process will inevitably have an impact on the market, but the latest figures certainly mark a very positive end to 2018.”

Lots are now being taken for the next auction on Wednesday 20th March. Please contact: Simon Dee on 0845 400 9900 /