Ageless auctions
The explosion of online auctions APPOINTMENT and competition in the sales market has seen a huge surge in millennials and Gen Z making the move to auctions.
Analysis of online customer activity by Auction House has revealed an incredible 441% increase in the amount of 18-24-year-olds interested in auctions.
Website figures show that whilst visitors in the 55-64-year-old age group has dropped by 19%, a much younger generation has been surfing online property sales.
As well as the late teens and early twenty-somethings, there has been a 42% increase in the number of 25-34-year-olds logging on.
Overall, the number of website users last report by Auction house was 2.4m compared to 1.6m in 2019, proving that auctions are now considered an almost mainstream way of buying property buying route.
The figures support this too, as the group sees an all-time record for the annual amount of money it has raised. Compared to the whole of pre-Covid 2019, money raised in 2021 jumped by over a third (37.9%) to over £600 million.
Auction House Managing Director Jeremy Prior said: “Without doubt, the pandemic has created a seismic shift in how the market operates, with impacts which will probably last forever. Lockdowns and social distancing mean that we have had to focus on a mixture of livestream and online auctions, which itself has turbo-boosted involvement by a younger demographic.”