A residential auctioneer, which claims to be the largest independent business of its kind in the UK, says it is prospering while estate agents struggle.

Auction House, founded by former estate agent Roger Lake said its auction figures are at record levels, despite Land Registry data that shows residential transactions were down to just over 850,000 in 2017.

Lake said: “We had an excellent year in 2017 with 3,485 lots sold – which is over 1,250 ahead of the second largest auctioneer. Also, our entries this month are up again year on year, with 740 lots catalogued for February – a total which is 5% ahead of the number in 2017.”

He added that he believes auctions have now become more mainstream.

He said: “Auction is a much faster way to sell, success rates are far higher, and when the hammer falls contracts have exchanged and the sale is certain.

“What’s more, for the right property, auction will often deliver a better price through competitive bidding from several interested buyers.

“But a key element in ensuring a sale’s success is to enter the property into a regional auction room, rather than one that is out of area. We’ve found that local properties sell for more money to local buyers through nearby auction rooms.”

Auction House, which operates through a network of estate agents, was founded in 2007 and has 40 auction rooms across England, Wales & Scotland.