Auctioneer McHugh & Co is now seeing more than 3,000 bidders register for its online sales, up from around 800 to 1,000 people attending its ballroom auctions before the Covid 19 pandemic.
The north London-based auctioneer raised £32.3m last week, its second-highest total to date after it raised £37.3m in January, according to Essential Information Group data. Both sales were boosted by the government’s planned 31 March end to the stamp duty holiday, which may be extended to June in the Budget tomorrow (3 March).
McHugh’s latest sale saw 155 of 166 lots find buyers, a success rate of 94%. Only eight lots were withdrawn prior, in line with McHugh’s typically low levels of withdrawals.
“The stamp duty holiday has been good as there currently seems to be lots of buyers and sellers taking advantage of the saving, and the buoyant market,” said auctioneer James McHugh.
Speaking prior to the Budget, he said: “I think that the January and February auctions went very well due to the current 31 March 2021 deadline. If it is extended we feel that the trend will continue.”
Successes included a three-bedroom unmodernised end of terrace house in Morden, Surrey (lot 8, pictured left), guided at £450,000 and sold for £590,000.
A four-bedroom unmodernised terrace house in Kentish Town, NW5 (lot 27, pictured right) was sold on behalf of executors for £1.38m from a guide of £1m.
“We found that freehold vacant houses needing modernisation and land with and without planning consent proved to be very popular amongst buyers,” McHugh said. “There were many owner-occupiers competing for property at the auction amongst investors and developers.”
The firm has held seven online auctions since June 2020 and sold £192m worth of property by online auction, achieving an overall success rate of 94%. “Since moving online we have found that there are more bidders. Say we had 800 to 1,000 people attend our ballroom auction on the day, we are now seeing 3,000-plus bidders registered for online bidding. Where we are selling property in different locations in the UK, buyers can bid in the comfort of their own home without having to travel to an auction venue.”
McHugh recently took on three new staff, taking its office-based team to 10. Its next online auction will take place on 15 April.
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