Auctioneers report £623m property market ‘bounceback’

The property auction market bounced back last month, with significant increases in the number of lots offered, lots sold, and total funds raised compared to the previous year says EIG.

Almost £623 million was raised through the sale of 3,210 lots, representing a 16.9% increase and 75% of the 4,281 lots that went under the hammer last month, its boss David Sandeman (main picture, inset) says.

Of the 36 metrics analysed, all bar six have shown increases on the same period 12 months ago, and those six drops are for the most part in single digits.

Despite a lower number of auctions being held compared to 2023, the abundance of stock featured in catalogues contributed to bolstering these figures.

Auction surge

The residential sector notably stood out, with an impressive 18.3% surge in lots sold and a substantial 20.8% rise in total funds raised, reflecting robust demand and the increase in average transaction values.

There was just a slight decline in the percentage sold year-on-year, down from 72.2% to 70.5%.

At a regional level, the performance varied, showcasing the diverse nature of the UK auction market. Regions such as the North-East experienced remarkable growth, with significant increases in lots offered, sold, and funds raised, indicating strong market vitality. Conversely, areas like Scotland encountered challenges, with a decrease in the percentage of lots sold, suggesting potential fluctuations in demand.

Despite these regional disparities, the overarching trend indicates a thriving auction market with resilience and growth. The landscape continues to appear positive and promising for buyers, sellers, and investors navigating the dynamic world of property auctions.

EIG recently released it’s annual auction market review for 2023, which can be viewed here.