Rising sales volumes and increasing stock levels suggest there is continued confidence in the property auction market among buyers and sellers.

Latest figures from the Essential Information Group (EIG) show 2,020 residential lots sold during April, up 8.1% on the same period last year, while total sales revenue climbed 4.7% to £333.8million.

Residential stock entering the market also increased sharply, with lots offered up 12% to 3,091, resulting in a 3.4% dip in the success rate.

Regionally, the strongest residential growth was recorded in Yorkshire and The Humber, and the West Midlands, where activity, sales and funds raised all rose strongly year-on-year. The North West also remained one of the busiest auction regions in Britain.

Only London and South East Home Counties saw a minor dip in sales revenue, despite a small increase in property auction lots offered and sold.

Confidence despite challenging backdrop

Stuart Collar-Brown, NAVA Propertymark President, said: “It is extremely positive to see such a strong set of results for the auctioneering profession across April.

“Against an extremely challenging backdrop of rising inflation and generally lower consumer affordability, it is enormously pleasing to witness what has been an increase in both lots placed for sale and lots sold across almost all nations and regions individually.

“April’s figures are a true testimony to the ever-growing confidence people now place in the sector, and the robust turnaround both buying and selling at auction delivers for clients.”

The figures suggest auctions continue to attract sellers seeking speed and certainty, even as higher stock levels give buyers greater choice and place pressure on conversion rates.