Despite current market conditions, the Graham Penny Group of
companies continues to defy the stagnant property market, achieving
sales of more than £8.9 million during October.
Property auctioneers Graham Penny Auctions exceeded all
expectations at their October auction held at Pride Park Stadium,
with total sales of more than £6 million.
Of the 81 residential and commercial lots on offer, 66 sold both
at auction and privately, achieving total sales of £6.17
million. This equates to a success rate of more than 81%, which is
well in excess of the national average.
This figure reflects both the increasing popularity of selling
by auction and the confidence that clients have in Graham Penny
Auctions, whose management team has unrivalled market knowledge and
marketing expertise.
The balance of the revenue was generated by residential estate
agency arm Graham Penny Estates, which achieved sales of close on
£2.75m during October. Cumulatively, this is the equivalent
of an estate agent selling almost 60 properties at an average value
of £150,000 each - when the average number of sales is
currently around the 10 to 12 mark.
2011 has been another hugely successful year for the company -
earlier this year Graham Penny Auctions retained the title of East
Midlands Auctioneer of the Year for the fifth successive year, in
recognition of the highest sales during 2010. It was also named as
the best performing auction house outside of London in terms of
revenue.
This prompted expansion for both businesses, with Graham Penny
Auctions relocating to new premises on the corner of St James'
Street and The Strand in Derby, leaving its estates division
occupying its existing St James' Street premises. The company's
London auction operation, Must Be Sold, is also now based at The
Strand.
Commenting on the level of sales achieved during October, Graham
Penny said:
"We are delighted with the performance of both our auction house
and estate agency divisions during October, both of which recorded
incredibly high figures.
"Selling by auction remains increasingly popular with sellers
thanks to its transparency and speed, whilst our agency division
has established a reputation for achieving quick results for its
clients by offering realistic and honest advice based on
experience.
"We seem to have created a market within a market where buyers
and sellers come together and do business at sensible prices, which
ultimately benefits everyone concerned," added Graham.
Graham Penny Auctions acts for both private individuals and
institutions through its Derby and London offices, selling a wide
range of interests, from vacant houses and investment properties to
building plots and development sites, commercial properties, land
and others. It holds seven auctions a year at Pride Park and last
year achieved property sales in excess of £33.3
million.
The final auction of the year is taking place at Pride Park
Stadium on Thursday 1 December and promises to be the biggest sale
for three years. More than 100 properties have been entered with
very realistic guide and reserve prices and interest is expected to
be huge.
Graham Penny Estates is Derby's fastest growing estate agent and
specialises in the sale of residential properties in Derbyshire and
throughout the East Midlands.