In our Summer Review we suggested the market may have reached a turning point, following signs of increasing buyer demand and improving market sentiment in the first half of the year. Confidence certainly appeared to be returning and the appetite for risk increasing. We are pleased to report the results of our subsequent October and December auctions have confirmed this view.
Our October sale was the largest and best attended commercial auction held since December 2009 and included the largest lot sold at auction in 2013, Cavern Walks Shopping Centre, Liverpool at £4.125m. The attendance was reminiscent of earlier years, with high levels of competitive bidding resulting in the vast majority of lots selling above their reserves. Quality was keenly competed for and again we saw good demand for the more
management intensive properties, which present the opportunity to add value.
We launched our December catalogue on the 9th November. It was another strong catalogue and market interest was sustained. The following week the Bank of England confirmed that economic recovery had indeed taken hold, helping to support the positive market sentiment.
The success of our December auction exceeded that of October and reinforced evidence of recovery. High levels of competitive bidding saw the average overage above reserve, for lots sold under the hammer, rise to 15%, compared to the 12% average for the year.
Whilst pricing remains fundamental, it could be argued that for those looking to sell there has not been a better environment since 2009. We are optimistic about the prospects of 2014.
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