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.’