Stock selection is key to rising success rates, says Auction House
The UK’s number one property auctioneer Auction House says that being selective about the stock it chooses to offer at auction is a key factor behind its rising success rates. The group recorded a September 2016 success rate of 75.4% – up on last September’s figure of 74.5%, despite a more challenging sales environment – with 358 lots sold from 475 offered and over £43 million raised.
Founding Director Roger Lake said: “When it comes to success rates, stock selection is king. But this approach isn’t just good for the group’s figures; we also encourage sellers to be realistic with their pricing so that sufficient interest is being generated in our lots to ensure that the vast majority of them will sell for the best possible price on the day.”
His comments come as the UK auction sector recorded an 8.5% drop in the number of lots sold at auction in September (EIG), which is generally considered to be a result of recent political machinations and Government action.
Roger Lake explained: “There is no question that the market has dipped. There is still major uncertainty in the air over Brexit, and the additional 3% Stamp Duty for landlords and those purchasing a second home has meant buyers and sellers have reacted accordingly. Nevertheless, taking 2016 as a whole, Auction House has offered more and sold more, with a higher success rate and an increased total raised than by this time last year. So despite a slower summer in the sector, we seem to be riding the storm.”
Roger Lake says that he expects challenging times ahead, with the number of lots offered and sold being down for the balance of the year.
He added: “The truth is that the picture across the country is highly variable, with some regions still performing very strongly, whilst others are finding it more difficult.
“But owners with unoccupied properties still have an opportunity to sell in our November and December auctions, rather than leave them to stand empty and unused through the coldest, wettest months of the year ahead.”
Property Publicity – Eric Dixon eric@propertypublicity.co.uk
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