86% sold success in February auction

86% sold success in February auction

Our February auction raised over £6.0m from the sale of 18 lots with the highest sold success rate since the market turmoil at the end of last year, demonstrating improving consumer confidence, likely to be a result of recent reductions in mortgage rates, and a continuing resilience in the labour market helping to stabilise prices following the falls seen in November and December.

Daniel Gale, Head of Auctions said: “Our auction last month was extremely reassuring amid concerns of lower interest levels than our market has been used to in previous years, providing some great results for our sellers. Our focus on providing clients with accurate advice and a different marketing strategy enables the best possible chance to maximise value in a challenging market.

With the average property sale taking on average 171 days (nearly 6 months) from instruction to completion through an estate agent, and with the uncertainty of not exchanging contracts until the end with the potential for renegotiation, we continue to speak to a large number of sellers that are growing despondent with the “normal” way to sell, looking for the speed and certainty of our method. In this auction, we sold 7 properties that had previously been on the market the “normal” way, all exchanging contracts in 4 weeks for more than their guide prices.”

Auction highlights include:
• Lot 1 - 168 Elgar Road, Reading which sold for £296,000 (originally guided at £240,000) and £16,000 more than the previous buyer through an estate agent.
• Lot 3 - 15 Albion Road, Sandhurst a period semi-detached house requiring complete refurbishment sold for £381,000 (originally guided at £275,000)
• Lot 6 - 3 Bloomsbury Place, Brighton A Regency Grade II listed mid-terraced property, which sold for £794,000 (originally guided at £670,000)

First for Auctions next auction will take place online on Friday 31st March 2023.