Paul Fosh Auctions has ruled out a return to terrestrial sales after almost a year of operating completely online. The Newport-based property sales and lettings business, which celebrated two decades in business in February, is preparing to post its best ever annual sales figures after operating ‘virtually’ for the past year.
Until Spring 2020 the property business, consistently number one for sales and revenue in Wales, would attract some 250-300 people to its bi-monthly auctions in Cardiff. Its last live auction, a ballroom sale planned for March 2020 was axed with the first lockdown.
Paul Fosh, who started the business in February 2001 said, “Although I enjoy standing on a rostrum in front of a room full of people, the stats prove why we should never go back to a room sale. Online we have thousands of people registered to bid. With the best will in the world in a room sale we have between 250 and 300 people in an auction room with probably only half of those registered to bid.
“The online sales attract bids from people across some sixty countries and record more than 100,000 hits on the website during a typical online sale. People bid from wherever they may be, on their smart phones and mobile devices, sitting by the pool and across all time zones.”