The arrival of a new style of auction to the market has prompted us to reaffirm our commitment to the traditional method of sale.
Charles Lovell, Head of Auction House Robinson & Hall, says that an increasing number of auction buyers and sellers have approached the company, seeking reassurance that future sales will continue to exchange on the fall of the hammer rather than several weeks later.
He explains: “For most people, the appeal of buying and selling at auction is that it is a quick, simple and convenient process. Sales are carried out on an unconditional basis with contracts exchanging as the gavel falls and completion following some 14-28 days later, or by agreement between the buyer and the seller. It’s the way we have always done it and certainly the way we intend to carry on doing it in the future.
“But a Modern Method of Auction (MMoA) has since become available, whereby the sale is conditional with the buyer merely securing a period of exclusivity before contracts are exchanged, which often takes more than a month with completion finally taking place after that.
“As well as the unreasonably high charges made to the buyer, the conditional method is slower, more cumbersome and much more prone to the problems that befall private treaty sales, indeed, the sort of difficulties many sellers deliberately choose auction to avoid!”
2022 has been another busy year for the auction department and we are already 10% ahead of the same period in 2021. We have sold 88% of lots offered this year to date.
Charles added: “The fact is unconditional auctions are in our DNA: it’s where we’ve always put our focus and it’s where we always will. Without doubt, they provide the best way of selling auction property in terms of both speed and security of sale.
“So, whether the sales are in-room, livestream or online, our commitment to unconditional auctions remains undiminished and we can confidently predict that in 2022 we will exceed last year’s sales figures.
“Therefore, our buyers, sellers and partner agents, old and new, can rest assured that our focus will remain unchanged, as we continue to offer a fair, transparent and cost-effective service, whilst always working on behalf of our clients to achieve the best possible price for each and every property.”
We are now taking lots for our next auction. To find out how Auction House Robinson & Hall can help you or to book a no obligation auction appraisal, please call 01234 362899 or email firstname.lastname@example.org