Auctioneers report record figures as online auctions attract more people

Auctioneers have reported a record breaking £539.5 million in property sales during September as many auction houses experience an influx of new people embracing online auctions.

The new figures, published within the latest EIG monthly report, saw a 15% increase in the total raised from property auctions compared to the same time last year.

Propertymark believes that this is from the increased appetite from people of all ages taking to auctions as auctioneers from across the county continue to reiterate the same message of a busy market.

It says that auctioneers, who were forced to go online during the pandemic, are seeing not only their usual auction attendees to give them access from the comfort of their own homes, but to savvy youngsters, busy parents and home improvers who are comfortable ‘buying online’.

Pandemic effect

Paul Bridgeman (pictured), NAVA Propertymark President and Regional Director & Auctioneer at Clive Emson Auctioneers says: “It is safe to say that interest from sellers and attendance at property auctions has grown over the course of the pandemic and remains just as strong now.

“A key part to play in September’s huge sale figures was in part due to the run up to the end of the Stamp Duty holiday in which house sellers were looking for a quick sale and auctions were able to provide that.

“As soon as a property is sold, the exchange on that property is instant, so sellers were offered the reassurance of meeting the Stamp Duty relief deadline.

“The pandemic has opened consumers eyes to the world of auctioneering and I’m sure the profession will continue to see a large up taking.”

In March next year, Propertymark will yet again bolster novice auctioneers at its Auctioneer of the Year Awards event which looks to bring like-minded professionals and newbie auctioneers together to celebrate the successes of the industry.