Estate agent Knight Frank has launched an auction business to help clients sell homes faster during the heightened period of uncertainty caused by the coronavirus pandemic.
The property consultancy announced this morning that it will hold seven sales in total, with the next one held on 22 October, following a successful trial in July.
Read more: Coronavirus: Knight Frank and Rightmove call for stamp duty holiday to reignite market
Further auctions will take place this December and in February 2021.
The move follows a trial in early July, after the UK housing market spent months at a standstill due to lockdown restrictions, which featured eight lots with an average capital value of £910,000.
The entry into the auctions sector was prompted by the restrictions imposed in March, which prohibited estate agents from viewing and valuing properties.
The service will focus on residential properties initially but commercial lots are likely to be offered in the future, Knight Frank said.
Knight Frank head of UK residential Tim Hyatt said: “We are dedicated to offering our clients the best possible service.
“In order to provide a comprehensive experience for our customers, we have made the decision to progress with a series of auctions following a successful trial of the platform earlier in the year.
“We are constantly looking at how we can evolve our business in order to best cater for the current demand and market conditions.
Read more: UK mortgage lending rises in July as housing market picks up post-lockdown
“Our auctions facility is the latest in a series of innovations from Knight Frank that aim to better inform and service our diverse range of clients.
“I am delighted with the industry leading team we have put in place, recruiting Richard Watson to head up the initiative.”
The post Knight Frank launches auction business to battle coronavirus uncertainty appeared first on CityAM.