Total property sales of more than £641 million were raised by Auction House in 2023, the company has revealed.
The UK property auctioneers sold 4,841 properties in the last 12 months – more than ever before in the company’s history – and a number which is up more than a fifth (22%) from 2022.
Offering both livestream and online timed auctions the group achieved remarkable overall results for 2023, with 6,622 properties going under the hammer - an increase of 34% year-on-year.
In May 2023, Auction House offered 707 lots and sold 537 of them, achieving a success rate of 76% and raising an unprecedented total of £72.65 million. This record-breaking performance marks the most successful month in the 16-year history of the group.
Their corporate client base has also grown significantly, with the commercial agency side of the business adding £48.27 million to the total raised for the company.
The record results were achieved amidst a turbulent year for the UK housing market as soaring mortgage rates and a lingering cost of living crisis squeezed household budgets.
National Commercial Director for Auction House, Oliver Prior says: “With many of our Auction House Members posting record auction results, and activity levels continuing on an upward trajectory, there is clearly plenty of life left in the market.”
Oliver continues: “There remains a strong appetite from local and regional investors on the buying side, and our success in the room certainly reflects this.”
With vendors experiencing some of the hardest selling conditions in thirty years, a growing number of people turned to the auction room for a fast-paced and secure sale.
Traditionally seen as a niche avenue for buying and selling property, auctions have become an integral part of the property market, with an 11.3% surge in the number of auction sales in the past year.
Jeremy Prior, Managing Director of Auction House, explained that sales had been consistently strong for the company across 2023, ranging from nearly £71 million in February to more than £62 million in December.
Jeremy comments: “Despite the difficult market conditions and economic uncertainty we faced this year, Auction House have produced some truly incredible results.”
“The careful pricing strategy carried out by our network of regional auctioneers continues to reap dividends. There is no doubt that intimate local knowledge is enabling us to value properties correctly, which is reflected in our results and continues to set us apart from our competitors.”
Jeremy continues: “We’re all hopeful that the property market is entering into a calmer landscape for 2024. With core inflation easing and the cost of debt beginning to fall, there’s no doubt that things are improving, and this puts us in a fantastic position to continue building on our success as we enter the new year.”
