Lextons February sale was another huge success and for the second successive auction enjoyed a 100% sale rate with every single property offered, selling!
In a packed room with almost 200 people in attendance and very much standing room only being the order of the day, £2.2m of property values went under the hammer with most exceeding their reserve figures by considerable amounts. For example, Rock Street Brighton, from a guide of £190,000 to £200,000, sold for a staggering £380,000, an increase of 90%!
Auctioneer Simon Caplin:
“The team put an enormous amount of time and effort into the auction with the results speaking for themselves and I am thrilled for our clients we were able to achieve the final selling prices we did, which as an average were 35% above the reserve amounts.
“Noting today’s success, I find it very interesting that many auction houses are still hiding behind on line auction platforms and remote only bidding rather than conducting proper in room sales as without doubt, if our February auction had have been held on line, I can say with absolute certainty that we would not have achieved the prices we did as auctioneers are not able to influence proceedings on line but are fundamental to doing so in the room in front of a live audience in a highly charged, active bidding environment. For example, one of the lots I had for sale was falling £500 below the reserve amount however the reserve is the reserve and I am unable to sell below it. In an online situation this property would not have sold and the client would have been very disappointed however being a live auction in front of real people, I was able to call upon all of my experience and encourage the bidder to increase their offer by £500 and ensure the property was sold. The other thing to remember is that online bidding increments must be pre-set before the start of the auction and cannot be changed during proceedings, therefore in the event bidding stalls, simply put, the property fails to sell!
Our next 2 auctions will be held on 26th April and 28th June, with entries being invited for both dates.