Member Article

Pugh hails property market mini-boom after successful July auction

The latest sales figures from Manchester-based auction house Pugh 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. Pugh’s 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.”

The firm’s next auction, featuring properties and land across the UK, will take place online on 8 September, with registration closing on 7 September.

The country’s largest commercial property auctioneer, Pugh offered more than 1,000 lots for sale at its Manchester and Leeds auction venues in 2019, generating over £90m in sales. Its clients include private individuals, charities, corporates and public sector organisations.

This was posted in Bdaily's Members' News section by Emma Kilmurray .