Success for East Midlands auction company as total property sales hit £10 million this year
A surge in the popularity of auctions has seen property sales exceed £10 million for one regional company in the last year.
Managers of the East Midlands Property Aution say they have seen a rise in the number of people using auctions to buy or sell property of all types.
In addition, more land and development opportunities are going under the hammer.
East Midlands Property Auction, which was set up four years ago by Lincolnshire estate agents Pygott & Crone, say it has carried out 96 sales since the start of the year.
It says the total value of the sales was £10,874,633, with an average sale price of £113,227.
One of the instructions sold for £300,000.
Paul Wood, a partner at Pygott & Crone, said “Property auctions have traditionally been used to sell run-down properties that appeal to investors but this is rapidly changing.
“Because we offer a modern and traditional auction method we’re seeing better choice of stock for buyers including larger homes, terraced house and plots across the Midlands.
“Vendors can choose to sell their property through the modern method or traditional method, giving greater choice and flexibility.”
He added: “Our auctions have gone from strength to strength since launching in 2011.
“At that time the average sale fee was around £65,000, this has risen to £110,350 which shows growth in the Midlands market and an appetite for using auctions.”
The East Midlands Property Auction is held every eight weeks at The Bentley Hotel in Lincoln and the next auction is taking place on November 4.
Pygott & Crone, which has offices in Lincoln, North Hykeham, Grimsby, Spalding, Sleaford, Boston, Holbeach, Grantham and London and employs more than 100 staff, works with iamsold to bring auction properties to market.
iamsold specialise in both online and live traditional auction and utilise technology at the forefront of the service to both estate agents and the public.
Jamie Cooke, sales director of iamsold added: “Our relationship with the team at Pygott & Crone is second to none, the events that we run in partnership with the team are some of the stand out events in our 75-strong event calendar.
He added: “The Pygott’s team operate 11 offices out of our national network made up of 750, but produce some of the best lots year on year.”