Just in from David Sandeman, Founder & CEO, Essential Information Group
David has just released the EIG May Newsletter which looks back at auction activity in April and preceding periods. Last month’s newsletter (April’s reporting on March) reported on the transition from a completely open market to one where in the latter part of the month we were under lockdown and unable to continue business in the usual fashion without restriction.
Notwithstanding that, April saw a number of auctions held and indeed a great deal of stock sold. The number of lots offered was down 43% and amount raised down 56%. Against the backdrop of all the auction teams having to work from home, viewings virtually impossible or at the very least difficult, I feel the results are a credit to the industry. More importantly virtually every auction house now has at least one or two auctions behind them in the lockdown environment, and all are planning their future auctions which hopefully will take place under reduced lockdown restrictions.
Anecdotally, we are seeing the number of lots offered in the recent and upcoming auctions being an increase on the lots offered in the auctions which took place immediately after lockdown. Whilst I don’t feel we will see an immediate return to pre Covid-19 numbers, I do feel the number lots offered and sold will gradually move up as committed vendors and buyers are able to trade in the open and practical property auction market using auctions that are either ‘live streamed’ from an auction room with all bids coming in remotely, or in a totally online auction environment.
Please note the newsletter can also be viewed online.