Network Auctions ends year on record high

Network Auctions has reported an 82% sales result raising £3.4m in its last sale of the year on December 7th marking a record beating year for the company.

The sale included some notable results with a building plot in North London achieving a hammer price of £210,000 against a reserve of £110,000, a semi-detached house in Bristol with a late addendum relating to Japanese Knotweed selling for £434,000 against a guide of £360-370,000, and a bidding war for a parcel of land in Feltham which saw an astonishing hammer price of £17,000 off a guide of £2-3,000.

The sale tops off Network Auctions’ most successful year to date, raising a total of £41m up from £36m in 2016, and an increase in overall sales results to 81% from 79% in the previous year. This success indicates the strength of auction performance in the property market against the backdrop of record low private treaty transactions and the collapse of buy-to-let and uncertainty since Brexit.

Toby Limbrick says: “Our record breaking results in such a difficult market are testament to the hard work and positive approach of our auction team. We firmly believe our results confirm the confidence people continue to have in the sector. We are committed to auction and delivering success in 2018 and are excited about the rapid growth of Network E, our conditional online sales platform, which is proving a big hit with our estate agent partners.”