2017 Was the Healthiest Year Yet for Property AuctionsNew research from UK auctioneers Auction House has shown that auctions are fast-becoming the country’s preferred mode of property purchase, even surpassing the use of estate agents. In fact, 2017 saw record levels of purchases made in UK auction houses.
The research cites data from the Land Registry and it indicates a clear surge in popularity. Auction houses are no longer the reserve of a select few; they have in fact broken through to the mainstream. Meanwhile, residential sales seem to have fallen by the wayside, with a 21% decrease compared to 2016.
Growth in PopularityAuction House reported that it sold 3,485 lots in 2017, which actually led the market for that year. Roger Lake, Founding Director of Auction House, said, “We had an excellent year in 2017 with 3,485 lots sold. Also, our entries this month (February 2018) are up again year-on-year, with 740 lots catalogued for February – a total which is 5% ahead of the number in 2017.”
The growth in popularity can be attributed to the speed with which properties are sold at auction – something that more and more buyers are recognising.
Lake continued: “Selling by auction really does make sense. That is why it is growing in popularity, becoming more mainstream and delivering a speedy result for an increasing number of sellers.”
That is the main draw of the auction house; the speed with which you can secure a property is ideal for those looking for fast turnaround and minimal snags. In comparison with residential sales, buying property at auction is much less complicated.