Looking back over a year of our national property auctions, Brexit uncertainty appeared to send buyers into one of two camps, either opting to wait for greater clarity or seeing it as an opportunity to trade.

At the beginning of 2019 it was clear the theme would be the importance of pricing – people simply wouldn’t bid if the price wasn’t right. To get deals over the line it was crucial that clients were on board when it came to offering properties at a suitable level.

Come spring and Brexit delays brought further caution – at this point the need to have a spread of asset types and regional variety was clearer than ever. In April, for example, all the properties we were offering in the north sold, reflecting the fact that investors had begun to concentrate their searches in regions with good long-term prospects.

Uncertainty lingered, but by early summer we began to see some buyers adopt a business as usual approach and there were signs of positive activity. While stabilising success rates around the mid-70 per cent mark were becoming the market norm, what this period in particular revealed was where, and for what, the auction appetite lay.

Cue the rarity factor. Where a lot was offered on the rostrum that was unlikely to present itself again, buyers were motivated and competitive bidding ensued. We sold several lots of this nature, not only to investors seeking assets with future potential but to owner occupiers too. Stand-out London sales included a well-presented four bed St John’s Wood house which went for £1.9 million and a Maida Vale mid-terrace arranged as five self-contained flats which eventually sold for £2.525m. And while school was out for summer it didn’t stop buyers from doing their homework, some deciding to go ahead while others were in the auction to get a sense of what was selling and selling well. 

Moving into autumn, EIG highlighted that the industry sale rate remained steady and rolling quarter and yearly figures pointed to small gains against the same periods in 2018. It was around this time that a pool of buyers began to emerge, convinced that uncertainty signalled a good time to buy.

Meanwhile, price falls since the 2014 peak in prime central London coupled with the currency play saw the capital looking increasingly good value to international buyers and a number of our seven figure lots went to those who came through our global network.

As the year came to a close, and the fog began to clear, an air of confidence started to return. There’s no denying the market has been tough over the last 12 months but looking ahead we anticipate confidence will grow, and more normal trading conditions will emerge particularly once we have more of an understanding of our relationship with the EU. What we do know is that, once again, success rates will also hinge on a well-curated and sensibly priced catalogue.

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