Queenstown Road

News - 29/04/2020

LSH sees increased demand for online auctions

Lambert Smith Hampton (LSH) has seen property enquiries return to 90% of pre-lockdown measures across the last week, according to analysis of its online property search function.

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Lambert Smith Hampton (LSH) has seen property enquiries return to 90% of pre-lockdown measures across the last week, according to analysis of its online property search function. 
 
Enquiries for its properties plunged to 20% of pre Covid-19 levels, when restrictions were announced in mid-March and businesses up and down the country were forced to close. As of today, enquiries for properties across the board are on par with pre-lockdown levels with land and development opportunities particularly sought after. 

Bucking the trend throughout the crisis, has been demand for its online auctions via its 574 platform. Since lockdown was announced, there has been a 359% increase in page views per property lot moving from 1,143 views per property to 4,104, with a 100%  sales success rate, and 9.13% aggregate outperformance of the reserve price. 

One example of success is last week’s online auction of The Bridge – Queenstown Road, in the London Borough of Wandsworth. The lot attracted 185 bids from six different parties culminating in a sale price of 58% above the guide.  

LSH has been carrying out online auctions for over three years, and moved exclusively online with the launch of 574 in January 2019.  

Max Mason, Head of Sales at 574, commented:

‘Our 574 stats are hugely encouraging demonstrating the power of the online auction model. Instead of a dip in activity, we have seen a spike in demand throughout the pandemic. We have sold every property we’ve listed online in March and April, and increasing number of bidders are clamouring for our stock.  

‘At the time we launched 574, it was deemed a bold move, backing away from tradition and into the unknown. Our stance and strategy continues to prove very popular, and we expect this to become the new norm as remote methods of working become a staple of our daily lives.

‘We look forward to continuing to innovate, and connecting more buyers and sellers to keep the property market moving.’
 

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