The UK’s largest auctioneer, Auction House, which has branches in South Wales has reported a further year of growth during 2018, with Welsh sales jumping 47% on the previous year to more than £12.5 million (£12,552,294).
Part of the national Auction House brand, which sold 3,680 lots from more than 5,000 offered for sale across the UK, Auction House South Wales sold 139 of the 204 lots offered across seven auctions, representing a success rate of 68%. The group has also seen the average South Wales property sale increase to £90,000 – bucking the national trend of a 7% downturn.
Commenting on the continued growth, Mick Haywood, Auction House South Wales managing director, said:
“This is a remarkable result for 2018, especially against such an ever-challenging backdrop, where the property sector has seen a national drop of around 7% in the last year.
“Our early listings for the 2019 auctions are already looking good. There are currently more than 220 properties due to be offered in forthcoming sales, including around 20 lots in our national online auction that takes place on 24 January. We will host 12 further online auctions through the course of 2019.”
The figures for December were also well ahead of expectations. Last month the group sold 430 lots from 612 offered – a success rate of 70.3% with over £50m raised (£52,792,108).
The group has found that many vendors are looking to sell during this tax year and before 29th March when the UK exits from the EU. For that reason, they expect entry levels to stay strong in the first quarter.
Mick Haywood added:
“Whilst buyer numbers were down in the final quarter of last year, we didn’t experience the dramatic drop forecast by many. Local knowledge and keen pricing are the key ingredients for successful auctions in a difficult climate, and Auction House, with its 40 UK branches, is best-positioned to deliver.”