Record-breaking sales of £641 million raised by property auctioneer in 2023

Auction House raised more than £641 million in property sales 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.

UNDER THE HAMMER

Offering both livestream and online timed auctions the group had 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 £72.65 million – the most successful month in the 16-year history of the group.

Auction House’s corporate client base has also grown, with the commercial agency side of the business adding £48.27 million to the total raised for the company.

Oliver Prior,  National Commercial Director for Auction House, 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.”

He adds: “There remains a strong appetite from local and regional investors on the buying side and our success in the room certainly reflects this.”

CONSISTENTLY STRONG

Sales have been consistently strong for the company across 2023, ranging from nearly £71 million in February to more than £62 million in December.

Jeremy Prior (main picture), Managing Director of Auction House, says: “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.”

And he adds: “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.”