Auction House has reported robust results for July, with 427 lots sold – up over 18% (18.2%) on the same month last year.
The group’s national success rate of 71.6% was ahead of the market and the total raised was £54.5m.
The business, which partners with local estate agents, also sold its 2,000th property of the year one month earlier than in 2017 – an end-of-terrace former off-licence in Cambridge, which was guided at £400,000-£450,000 but sold in the room for £795,000.
The cumulative picture for the year also underlines the group’s growth, with 2,030 lots sold from 2,692 offered, at a success rate of more than 75% and close to £260m raised.
Founding director Roger Lake said: “July was a strong month for entries and our sold numbers held up well despite trading conditions becoming more challenging.
“Pricing strategy is an important ingredient to success and local knowledge is necessary to deliver this consistently – it really is a significant strength and an undoubted attraction for our regional network.”
71.6% is utterly appalling.
We are not unique but like many “local” auction houses our success rate is currently just over 91%. I cannot understand how they would ever think it a good idea to advertise such an a terrible failure rate.
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Ive had a bad experience recently with Auction House London. As a serious prospective buyer I attempted to contact them 4 times by phone over a period of approx. 3 weeks before their July 2018 auction. Each time someone took the call and I was told someone would phone me back; each time nobody did. I even complained on about the 3rd call …still no call back.
I could have had a multimillion pound instruction for them…they would never have known.
So if they wanted to improve the 71.6% sale rate… start at the beginning and get the franchisees to treat their potential customers in an appropriate manner…
If I had a property to auction I certainly wouldnt use Auction House London after seeing how potential purchasers of my property would be ignored….
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