Property auctioneers are booming and taking market share off traditional high street property sales, it has been claimed by two leading auctioneers.
Tony Limbrick, founder of Network Auctions, says his company has had a record year during 2017 while private treaty sales have dipped to an all-time low as the economic uncertainty created by Brexit and high house prices have kicked in.
“We firmly believe our results confirm the confidence people continue to have in the sector,” he says.
His comments reflect similar claims recently by James Emson (pictured, left) of auctioneer Clive Emson, who said auctions have been taking market share off high street agents this year.
As the year comes to a close, Tony Limbrick says 2017 was his company’s most successful year to date generating sales revenues of £41m compared to £36m last year. Also, the number of property’s sold at its auctions has increased from 79% to 81% by the same measure.
Toby, who started up Network Auctions in 2005 after a career as an estate agent with Bairstow Eves, says auctions are doing well despite the “collapse of buy-to-let and uncertainty since Brexit”.
“Our record breaking results in such a difficult market are testament to the hard work and positive approach of our auction team,” he says.
“We firmly believe our results confirm the confidence people continue to have in the sector [and we] are excited about the rapid growth of Network E, our conditional online sales platform, which is proving a big hit with our estate agent partners.”
The final auction of the year by the property auctioneer last week raised £3.4 million and a sales result of 82%, including a house in Bristol which, despite featuring a Japanese knotweed problem, sold for £70,000 more than its guide price of £360,000.