Pugh July auction sales confirm property market ‘mini boom’

Written by: Paul Thompson on 27th July 2020

Pugh July auction sales confirm property market ‘mini boom’

Our latest sales figures have confirmed a ‘mini boom’ in the housing market that has seen the asking price of property coming on the market hit a record high this month as the Government reduces the stamp duty threshold.

Market statistics from property website RightMove this month show a 2.4% increase in house prices since lockdown was announced in March, and 3.7% rise on July 2019 prices. Our latest property auction, held online earlier this month, reflected the buoyant market, generating sales of £4.6m for properties and land across the UK.

The sale attracted a record number of bids and bidders over the two days of the auction and an 80 per cent sales success rate.

The first property to go under the hammer in the sale, a two‐bedroom house in Willaston, near Chester, sold for more than double its guide price of £65,000, at £141,000.

Pugh managing director Paul Thompson said: “Rightmove are confirming what we have been seeing on the ground as auctioneers, with last week's online auction achieving outstanding results for our clients and joint agents and the Government’s stamp duty holiday coming as welcome news for the property market.”

He added: “We have sold more than 120 lots and reported sales of over £11m at our online auctions since lockdown, proving investors are quickly returning to their pre‐lockdown acquisition activity. The stamp duty cut also provides sellers with an added window of opportunity for to come to market and to find a buyer who is tempted by the savings on offer.”

We are now taking instructions for our next auction which will take place online on 8 September. So, if you have property or land to sell, contact us now on 0345 505 1200 or click here for a FREE auction appraisal.

Written by: Paul Thompson on 27th July 2020


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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