£5.4 million raised in March sale

Our two day March sale at the new venue of the Grosvenor House on London’s Park Lane on March 3rd was followed by a second day at Birmingham City FC in conjunction with Pennycuick Collins on March 11th

The March sale saw a record number of legal packs downloaded and both days drew large attendances (over 300 people) with standing room only during the sales. This was a clear indication of the successful growth of auctions as a method of sale.

There was lively bidding on both days but there were also some signs of investors showing increasing caution as a number of lots fell short of the reserve prices set. Auctions are always a clear barometer of market sentiment and the sale demonstrated a clear gap between many sellers expectations and buyer’s reality and the need for realistic reserve prices.

In total, an impressive £5.4 million of property, including residential, commercial and land was sold over the two days.

Auctioneer Guy Charrison entertained the audience in London in between lots with anecdotes and interesting trivia and worked hard from the rostrum to deal with bids that were being made in the room, by proxy, by telephone and over the internet.

Stuart Tullah was at the rostrum in Birmingham and oversaw a successful day including the remarkable sale of lot 57 which was a house with a short (eleven year) lease which had a guide price of £30,000 and ended up selling some 336% higher at £101,000.

Network Auctions Managing Director Toby Limbrick said: “We were delighted with our new venue at the Grosvenor House and the large turnout for both days demonstrated a keen interest from investors, institutions and the public at large. To have a number of lots fall just short of reserve was obviously disappointing but we are certain that several deals will be arranged post auction as sellers can be confident that, having tested the market in the room, the price they achieve is a good one.

“Historically the property market shows signs of slowing due to uncertainty before a General Election but the auction market remains more robust and this is borne out by the amount of interest in our next auction sale in May.”

Our next sale is another two day event with the London auction coinciding with the General Election on Thursday 7th May and the Birmingham auction taking place on May 13th.

The catalogue for the May sale is now open and, having invited lots for inclusion, the size of the catalogue is growing fast. If you are considering selling, please contact us to discuss how selling by auction can work for you.