One of the UK’s leading auction houses has reported a record number of sales at its latest auctions and suggested Brexit is one of the key drivers as more private sellers seek certainty and speed during the run up to October 31st.
The 25 auctions, which took place last month across England, Scotland and Wales, included 531 lots sold by the company out of 688 offered, the highest number ever during the 12-year history of Auction House.
The company has now sold 2,796 lots so far this year worth £320 million at an average success rate of 77% of total lots offered.
Roger Lake (left), a founding director of Auction House, says he has detected greater urgency among vendors bringing properties to auction, as well as a greater number of private instructions.
“Selling through estate agents is a lengthy, uncertain process – the alternative is the speedy, certain method of auction,” he says.
“Certainly sellers in most parts of the country are anxious to sell sooner rather than later, and auction delivers faster results.
But he also predicts that unless Brexit is sorted out soon, stock may begin to dry up.
“Whilst buyers remain eager, some sellers may decide to sit on their hands until the political situation in the country becomes clearer.
“Without doubt, we are in challenging times and can’t expect auctions to be completely exempt from the impact of Brexit. Price remains the key driver, and our mantra of ‘guide low to achieve high’ is particularly true in the current climate.”