No going back for auction firm after business booms from online sales

Newport-based Paul Fosh Auctions, the most successful property auction business in Wales, took auctions online at the start of lockdown and hasn't looked back since.

Mr Fosh, who also has a separate successful property rentals business, says all indicators have boomed since taking a decision to solely sell lots online.

Mr Fosh, who used to host regular "terrestrial" sales at a hotel ballroom in Cardiff prior to lock down, said: "I'm asked quite often: 'Online or room sale will you ever go back?' The answer, quite frankly, is that the statistics we have repeatedly from our online sales speak for themselves and that is my opinion.

"There are far more people who attend our online sales than ever, ever attended our 'real' sales in an auction room. It is just not in our clients' interest to return to room sales so we'll be staying online."

He said: "There is talk that the property market is getting quite flat and certainly there is some hardening up in the market but our most recent auction, in July, was incredibly strong returning some very promising figures.

"We offered 85 lots with 71 per cent of those sold generating some £6m in value sales. We had a total of almost 1,300 visit to the website generating 950 watchers of properties and some 517 registered bidders. We had nearly 14,00 legal packs downloaded with about 300 people attending viewings. We had 1,090 bids placed during the course of the auction."

Mr Fosh pointed to a couple of noticeable sales. Windmill Terrace, in Swansea, attracted 87 bids and sold for twice its guide at £92,500 and an industrial estate, Trawsfford Hall Units, Ystradgynlais, which attracted 122 bids and sold for three times its guide at £401,000.

Mr Fosh said: "The golden rule is that if the property is priced correctly it will sell and sell well."

The next Paul Fosh Auctions sale starts at 12 noon on Tuesday, August 29 and ends from 5pm on Thursday, August 31.