Sellers are responding to Brexit uncertainty and accepting a flurry of pre-auction offers, according to Network Auctions.
The auctioneer raised £8.6m and achieved a 78% sales success rate, selling 22 of the 27 lots offered at its auction on 6 June at The Westbury Mayfair Hotel.
However, it said 52% of the lots on offer were sold before the auction took place.
Network Auctions director Toby Limbrick said: “Buyers are keen to make good property purchases and we are seeing this increasingly with strong offers being made before auction.
“The uncertainty surrounding Brexit has lifted a little and we’ve been much busier in terms of viewings and response – and that has converted to positive sales.”
“Sellers are also more responsive to before-auction offers, especially when they are above reserve and show the buyer understands the market,” he added.
“Auctions create a momentum to the sales process which is lacking in private treaty, plus you have the certainty of sale – something which every buyer and seller wants more and more.”
Auction highlights included: a two-bedroom cottage in Bedfordshire, in need of repair, selling for £164,000 against a guide price of more than £110,000; a residential investment of six flats in Wembley, north London, selling for £725,000; and a two-bedroom maisonette in Aylesbury, Bucks, selling at £123,000 against a guide of £95,000.
Network Auctions next auction will take place on 25 July at The Westbury Hotel, Mayfair.
