Paul Fosh in seventh heaven after topping auction industry charts

Paul Fosh Auctions is once more number one in Wales after topping the auction charts for the seventh year in a row.

The Newport auction house maintained its supremacy after recording sales of £16,752,300 in 2011 from 304 lots sold out of the total of 406 offered at its eight auctions held throughout last year.

The annual auction sales chart is compiled by UK industry experts the Essential Information Group (EIG).

Managing Director Paul Fosh said: “After a tough year for the team, when everyone involved has been called on to work extremely hard, it’s indeed rewarding to be able to report that Paul Fosh Auctions has once again retained its spot as the top auction house in Wales.”

John Francis came second in the EIG list with total sales of £15,726,500 from 155 lots sold out of 177 offered at its 10 auctions, Seel & Co were third with £13,298,700 from 198 lots sold out of 235 offered at seven auctions and Dawsons fourth with £7,478,851 with 78 lots sold from 85 offered at its six auctions.

The chart shows that the total number worth of sales in Wales last year was £93,515,996 coming from 1,217 sales out of 1,633 lots on offer.

Paul Fosh Auctions sold an average of 74.9% of the lots offered at each of its auctions last year with some sales, such as the one in August, topping 86%.

Paul admits he was happy to see the back of 2011 which despite being ‘satisfactory’ was a struggle at times.

Paul said: “It was a tough year for us as I suppose it was for everyone else involved in auctions and selling property in 2011 and we’re now looking forward to better things in 2012.

“We had to work extremely hard to initially get the quality stock and properties into our catalogue and then just as hard to get them to auction and sold. The current economic climate makes it more crucial than ever that property is priced correctly for it to sell.”

Paul said he and his team had strived to include a mix of properties at each of the auctions staged in 2011 year to interest and attract variety of buyers.

“The last sale of 2011 saw some good results gained for the properties sold and at 75% of the catalogue sold was among the better of our auctions in the year.

“Interest for auction property among investors and those new to the market appears to be building which must, in large part, be due to the returns from banks and building society investments being less than appealing. We ended last year on a bit of a sales high and hopefully this will augur well going into our first sale of 2012.”

The next Paul Fosh auction which will be held at the Park Inn Hotel, Circle Way East, Llanedyrn, Cardiff, on Thursday, February 16, starting at 5pm and after that on Thursday, March 29th at the same time and venue.