Rise in North East auction sales predicted

THE North's largest property auctioneer Pugh & Co is predicting a successful year for sales ahead of its first round of auctions next month.

THE North's largest property auctioneer Pugh & Co is predicting a successful year for sales ahead of its first round of auctions next month.

For the sixth year running, Pugh & Co has been ranked by property trade journal Estates Gazette as the largest commercial auction house in the North and fourth nationally, with an 8% increase of sales between 2011 and 2012.

Following a busy 2012, with combined commercial and residential sales of £80.5m, Pugh & Co – along with its residential division, The Auction People – predict an upsurge in sales in 2013.

Paul Thompson, director and auctioneer at Pugh & Co said: “Over the last 12 months we have seen a notable increase in investor activity, with some really competitive bidding in the auction room. We are anticipating that 2013 will be even busier for both the residential and commercial markets, with many of our early instructions already receiving a high level of interest.”

National figures compiled by the Essential Information Group (EIG) show a 4.5% increase in overall UK auction revenue to £3.5bn in 2012.

He added: “Our February auctions are already proving to be very popular, we are seeing record numbers of lots at some of our auction locations and entry into the catalogue doesn’t close until February 1.”

The next Newcastle auction will take place on February 26.

 

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