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Coronavirus: the sales go on!

The Negotiator

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UK property auctioneer, Auction House, has pledged that all of its scheduled sales will take place this year – even if a restriction on gatherings during the Coronavirus outbreak means that lots get transferred into an online sale.

The announcement coincides with the release of the group’s latest results, which show that 453 lots were sold in February (compared to 457 in February 2019), at an impressive success rate of 80.2%, raising nearly £56m (£55,872,374). Since the beginning of 2020, a total of 506 lots have been sold, at a success rate of 79.2%, raising £61.8m – which is 8.7% up on last year.

Roger Lake, Auction House Director, said, “Despite some expectations to the contrary, the auction market stayed strong in February with many sellers selecting the auction method after deciding the time was right for them. Whilst the number of entries is marginally down from last year, demand has been buoyant, with busy salerooms and enthusiastic bidding, and our sale rate is well ahead of the norm.

“But like the rest of the world, we’re entering unchartered waters with the Coronavirus pandemic – which is inevitably going to impact on our activities in the event of public gatherings being restricted or even banned altogether. As a result, arrangements are being put in place to sell auction lots through our proven Online Sales system, which we’ve been operating for the past five years.

April 17, 2020

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