National demand for residential stock produced strong results for both Countrywide Property Auctions and Harman Healy as their sales rates hit 78% and 92%, respectively.
Countrywide Property Auctions raised just under £11m as 78% of 137 lots were sold at a series of five sales.
The sales, held in Birmingham, Bristol, London, Manchester and Leeds between 19 and 27 February, attracted first-time-buyers keen to enter the housing market as well as experienced buyers making a return to property investment, according to auctioneer Mark Tanton.
He said: “If a quality property has several people interested in it then it is refreshing to see prices soaring past reserve.
“There are some shoots of confidence in the auction market. It is returning a little faster than anticipated and in some fashion.
“People are recognising there is nothing coming back from the banks and are investing in property.”
Repossessed properties underpinned results at Harman Healy, where lot sizes averaged at £100,000 and receipts closed at £8.4m.
Nick McLachlan, Harman Healy’s auctioneer, said the Kensington Town Hall sale on 25 February “produced one of the best success rates for some time. We feel that the market has picked up quite significantly”.
