‘Normality has returned to market,’ says Auction House

The Auction House network sold a near-record number of lots last month across its auction rooms.

It raised £57.7m and sold 466 of the 602 lots offered, reflecting a success rate of 77.4%.

The only month to see a higher number of lots sold was February last year, when 490 of the 600 lots offered were sold, raising £70m.

“These figures mark a strong start to the year, which bodes well for the coming months,” said Auction House founder and director Roger Lake. “Normality seems to have returned to the auctions market, sales rooms are busy and careful guide prices are generating enthusiastic bidding. All this is in marked contrast to the private treaty market where estate agents are reporting a shortage of stock and sales are continuing to struggle.”

Individually, Auction House London - the largest auction house in the group - sold its highest-ever number of lots at a single sale in February, as well as the highest-value lot it has ever sold.

It raised £22m and sold 86 the 111 lots offered, reflecting a 77% success rate. This was one lot more than it sold at the equivalent auction in February 2016, when it raised £19m - although the success rate at that sale was 87%.

Largest lot

The largest lot was a six-bedroom, semi-detached Victorian house in St John’s Wood, north London, which sold for £3.25m from a guide price of £3m.

“Our star lot, 14 Wellington Road in St John’s Wood, is the highest-priced lot we’ve ever sold under the hammer,” said auctioneer Andrew Binstock. “It was purchased by an owner-occupier at a price above the predicted sale price of several local agents, which just goes to show that this type of high-end property can do just as well at auction as the more traditional lower-value stock.”

Founded in 2007, the group has 40 auction rooms around the country and runs more than 200 regional sales per year.

The group recently announced an expansion plan with new franchises planned in Peterborough, Cambridgeshire, and Exeter, Devon.

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