Jeremy Prior: Record auction sales prove canny buyers are still out there
Between January and July Auction House sold 2,644 properties – more than ever before at this stage in the year – with money raised so far up over £25m from last year.
Auction House says that its latest record sales figures prove that buyers are still snapping up UK property, as long as it is correctly priced.
Between January and July, the group sold 2,644 properties – more than ever before at this stage in the year – a number which is up more than a fifth (21%) from 2022, with money raised so far up over £25m from last year’s £332,658,762 to £357,943,654.
CHALLENGING MARKETS
Jeremy Prior (main picture), Auction House Managing Director, says: “These latest statistics prove what we have always said: that properly-priced property will always sell, even in the most challenging of markets.
“And let’s be honest: things are undeniably difficult out there, with a lack of buyer confidence and increased uncertainty.
Overpriced stock lingers in estate agent windows across the UK.”
“While overpriced stock lingers in estate agent windows across the UK, our auction rooms are still seeing genuine interest from canny buyers who recognise the right prices when they see them.”
Prior says that in contrast to estate agency, the nature of the auction process regularly drives prices upwards with auctioneers determined to squeeze the maximum value out of every lot they sell.
He adds: “The key difference is that estate agents will often initially list a property with a maximum price, in the expectation that they may have to discount it later.
“By contrast, auctioneers value each and every property realistically, knowing that the correct level will be found in the auction room. That’s why we’re bucking the trend and seeing sales figures rise rather than fall this summer.”
BALLROOM SALES
Elsewhere property auctioneer Paul Fosh has vowed not to return to face-to-face ‘ballroom’ sales after the success of his online real estate auctions.
Newport-based Paul Fosh Auctions took property auctions online at the start of lockdown and hasn’t looked back since.
Fosh, who used to host regular sales at a hotel ballroom in Cardiff prior to lock down, says: “There are far more people who attend our online sales than ever, ever attended our ‘real’ sales in an auction room.
“It is just not in our clients’ interest to return to room sales so we’ll be staying online as we know that it’s the best thing to do for our clients.”
UNDER ONE ROOF
Meanwhile, iamproperty is updating its system to allow agents to manage their whole day with everything under one roof, one central login and one partner relationship.
The platform already includes CRM, auction, compliance, onboarding and sales progression tools which will also be upgraded throughout the course of the year.
Ben Ridgway, Co-Founder of Iamproperty, says: “We’ve already made big changes to help agents be more successful, by creating new propositions that have changed the market, with a proven track record with our auction and Private Treaty solutions.
“Our ecosystem will ultimately provide agents with a single platform to manage their whole day, making their lives easier by saving them time and letting them focus on what they do best – accelerating their own success.”
