The first round of auctions of the year at Auction House recorded 508 sales – a success rate of 74.4% – raising £55.7m.
Auction House founding director Roger Lake said: “This should be seen as a buoyant beginning to the year, and a positive signal that the auction method continues to deliver results, despite gloomy predictions and hesitancy across the property market.
“Buyers and sellers have returned in healthy numbers and year-on-year sales are up. While we are reluctant to make predictions for the rest of the year, the good news is that Auction House has delivered a strong start and a level of confidence for the forthcoming months.”
Lake said the auctions market was proving to be largely unfettered by the anxiety and uncertainty of the Brexit process.
“The auction room is like a trading floor – irrespective of the climate, there are always buyers and sellers wanting to do deals. It’s that competitive environment that pushes prices, and delivers results for the needy seller, regularly at prices well above and beyond reserve,” he said.
Notable sales included 25 Willowbank in Carlisle – sold at Auction House Cumbria’s Carlisle auction on 21 February. The modern, two-bedroom, second-floor flat situated near the castle and the city centre was guided at £35,000-£45,000 and sold for £71,000.
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