100 per cent opening record for inaugural online-only auctions

Written by: Paul Thompson on 7th February 2019

100 per cent opening record for inaugural online-only auctions

Pugh & Co’s inaugural online-only property auction scored an impressive 100% success rate, with all properties offered being successfully sold.

Following a competitive bidding process, with offers received from across the UK, the collection of residential properties sold for an average of 39% above the guide price. 

The innovative online-only service sits alongside the firm’s market-leading room auctions and was introduced as an additional disposal method to offer further flexibility for clients.

It is powered by a customised technology that utilises the proven bidding platform behind Auction Technology Group’s Bidspotter operations - used to transact over £2bn in sales annually.

Paul Thompson, Managing Director at Pugh & Co, said: “We took the decision last year to develop our online auction capability, alongside our established room-auctions, to offer additional flexibility for clients whose timelines don’t suit the room auction or who needed a bespoke solution."

“Our approach was to develop a customised product for online property auctions that clients could be confident in, while utilising the proven technology and experience from within our asset auction team – who have been selling goods online for over fifteen years.”

“We have regularly sold property from all over the UK - including Cornwall to Aberdeen, and South Wales to Skegness, and everything in between. The nature of our online-only service is non-geographic, so offers clients outside of our core regions an additional level of confidence."

Interest in the online-only platform has been high and there are already further instructions confirmed for future auctions, details of which will be announced shortly.

Pugh & Co sells an extensive range of property from across the UK at its room auctions, which take place throughout the year at prestigious venues the AJ Bell Stadium and Elland Road football stadium in Manchester and Leeds respectively.

The Oak Street property, which was originally due to be offered online, will now feature in the upcoming February room-auction taking place later this month. Almost 200 lots will be on offer, including a full range of commercial premises, residential properties and land lots.  

Written by: Paul Thompson on 7th February 2019


About the Author

Paul is a Chartered Surveyor and member of the National Association of Valuers and Auctioneers (NAVA). He is also one of the few auctioneers in the country with a position on the RICS Real Estate Auction Committee.

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