Auction house Pugh has reported a £5m sales performance from its April property auctions, which were switched from auction rooms in Manchester and Leeds to online sales after the introduction of social distancing regulations in March.
The auctioneer sold 51 lots, with a combined value of £4.8m. The properties and plots of land sold realised sale prices 24 per cent higher than guide prices, across the auction. Managing Director, Paul Thompson said the success of the firm’s existing online sales, held in addition to its regular auctions in Manchester and Leeds, made the transition of its entire operation to an online platform less challenging.
Our auction was a useful test for the lockdown market and demonstrated that there is still an appetite to buy.
“The launch of our April catalogue coincided with the Prime Minister’s lockdown announcement. However, our online sales, in which we had successfully sold 100 per cent of the lots up for auction, had already been underway for over 12 months. This made it relatively easy for us to switch the whole process online, with a smooth transition for both buyers and sellers.
“While some vendors were, initially, nervous, serial investors are still seeing value in property and land despite the ongoing restrictions. The high rate of enquiries, pre-auction offers and legal pack downloads continue to speak for themselves and prove the market is still buoyant.”
“Our April auction was a useful test for the lockdown market and demonstrated that, contrary to the general narrative, there is certainly still an appetite among investors to buy.