An uptick in sales at UK property auctions in February looks likely to be short-lived, as investors face coronavirus lockdown.
Figures from Essential Information Group (EIG) show that the number of lots sold at auction last month jumped by 9.2% compared with a year earlier to 2,806, as the market benefitted from a surge in confidence from the so-called post-Brexit ‘Boris bounce’.
The total number of lots offered at UK auctions also increased by 5.1% to 3,568, and the percentage of stock successfully sold increased to 78.6% amid reports of packed ballroom sales across the country.
However, EIG warned that the market revival was likely to be short-lived as the Covid-19 outbreak disrupted ballroom auctions and plunged buyers and sellers into confusion.
“Having just got [Brexit] behind us, we are now faced with a potentially much bigger challenge to the country and property auctions with the worldwide outbreak of the Covid-19 virus,” said EIG founder David Sandeman. “The effect has been seismic, and within a matter of weeks we find ourselves working from home in isolation and with the prospect of no room auctions taking place for several months at least.”
Last week major auction houses including Allsop, Acuitus, Savills, Clive Emson and Auction House London announced that they would all be taking the unprecedented step of closing their ballroom auctions to the public and only accepting remote bids.
Overall Auction Results
Source: EIG
