Auction House has reported its best February in history, selling 616 lots during the month and raising a staggering total of over £83 million.
The standout sales mark a record-breaking start to the year for the UK property auctioneers, with their network of regional teams finding favour with both buyers and sellers alike.
Oliver Prior, National Commercial Director for Auction House, described February as a “truly exceptional month.”
“It has been a busy start to the year, and we are seeing that momentum continue to build,” he said.
“February 2024 saw the number of assets offered, and sold, increase by 17% when compared to the same period in 2023, and over 16 auctions we are delighted to report an average success rate of 78%.”
When it comes to regional performance, exceptional results were attained company-wide, with Auction House London delivering an impressive success rate of 83% and raising over £35 million for their clients. Auction House Cumbria also achieved an outstanding 96.67% success rate, generating close to £3 million across 30 lots.
As buyer demand increases across the sector, the auction group’s impressive results are a further sign that the UK housing market is on the steady road to recovery, with property sales forecast to rise by 10% this year.
Oliver continued: “Across the country our Auction House Members are seeing auction catalogues growing in scale and buyers returning to the market. There are signs of positivity in the economy with inflation edging ever closer towards the Bank of England’s target rate.”
“We anticipate the impact this will have on lending rates and the cost of debt will draw buyers into the market continuing the trajectory of growth across the auction rooms.”
Looking ahead to the remainder of the quarter, Managing Director of Auction House, Jeremy Prior, commented: “March is also looking promising with 19 auctions scheduled and many of our expert teams reporting record numbers of properties coming into their auctions.”
“Even more encouraging is the seemingly increased appetites from our buyers – our telephones are ringing, and viewings are increasing, and this only adds weight to the hope that the market is slowly but surely beginning to recover.”
