Traditional auctions are the way to go, Auction House says, after record numbers in August

The arrival of a new style of auction in the market has prompted Auction House – operating as Auction House Scotland in Scotland – to reaffirm its commitment to the traditional way of selling.

Auction House Scotland managing director Mandi Cooper said a growing number of auction buyers and sellers have approached the company, looking to ensure future sales will continue to trade as the hammer falls , rather than several weeks later.

She explained: “For most people, the appeal of buying and selling at auction is that it is a quick, simple and convenient process. Sales are made on an unconditional basis, with contracts exchanged when the hammer falls, and completion following approximately 14-28 days later, or by agreement between buyer and seller. It’s how we’ve always done it, and certainly how we intend to continue doing it in the future.

“But a modern method of auction (MMoA) has since become available, in which the sale is conditional, the buyer simply guaranteeing a period of exclusivity before the contracts are exchanged, which often takes more than a month, with completion eventually taking place after that.”

“In addition to the unreasonably high fees charged to the buyer at the seller’s expense, the conditional method is slower, cumbersome and much more prone to the problems that arise in private sales – indeed, the kind of difficulties that many sellers deliberately choose to auction. avoid!”

Auction House has just completed its most successful August in the group’s 15-year history, selling a record number of lots and raising more money than ever on behalf of its customers. 255 lots were sold during the month, out of 323 offered – a success rate of 79% – and raising a total of almost £42m (£41,790,805).

These figures mean August sales have more than tripled compared to year-on-year with 2021 (when the group made 72 sales), and the money raised has almost quadrupled (£11,140,000 in 2021 ).

Mandi Cooper added: “The fact is that unconditional bidding is in our DNA: it’s where we’ve always emphasized and it’s where we always will. Without a doubt, they are the best way to sell a property at auction in terms of speed and security of sale. It’s why buyers and sellers prefer them, and why we sell more properties through the unconditional method than anyone else in the UK.

“So whether sales are in-house, live or online, our commitment to unconditional auctions remains intact, and we can confidently predict that in 2022 we will exceed last year’s sales figure of 605 million. pounds.”

“Therefore, our buyers, sellers and partner agents – old and new – can be assured that our focus will remain unchanged as we continue to provide a fair, transparent and cost-effective service, while always working on behalf of our supplier customers to achieve the best possible price for each property.