Investors go online as auction house takes lot digitally

Auction house Pugh has reported £4.8m worth of sales for its April property auctions, which went completely online after the introduction of social distancing regulations in March.

The properties and plots of land sold realised sale prices 24% higher than guide prices, across the auction.

Pugh managing director Paul Thompson said the success of the firm’s existing online sales, held in addition to its regular auctions in Leeds and Manchester, made the transition of its entire operation to an online platform less challenging.

He added: “The launch of our April auction catalogue coincided with the Prime Minister’s lockdown announcement.

“However, our online sales, in which we had successfully sold 100% of the lots up for auction, had already been underway for over 12 months.

“This made it relatively easy for us to switch the whole process online, with a smooth transition for both buyers and sellers.

“While some vendors were nervous initially, serial investors are still seeing value in property and land despite the ongoing restrictions.

The high rates of enquiries, pre-auction offers and legal pack downloads continue to speak for themselves and prove the market is still buoyant.

“Our April auction was a useful test for the lockdown market and demonstrated that, contrary to the general narrative, there is certainly still an appetite among investors to buy.”