Online and livestreamed property auctions now dwarf their in-person counterparts, new data has revealed.

Greater Manchester-based property lender Together says data provided to its analysts by the Essential Information Group (EIG), which tracks the UK market, show 33,448 auctions were held digitally – either livestreamed or online during 2024 – compared to just 3,976 in-room auctions.

Also, this year’s figures look set to break the current record with a total of 18,707 auctions held online in just the first six months of this year. This compares to less than 1,500 – with no livestreams – before the Covid outbreak in 2019.

Also, auction platforms such as Pugh, part of Eddisons Auction Group, has reported record engagement, with buyers and sellers embracing the transparency, speed and convenience of digital bidding.

A livestream auction features real-time, broadcast video and audio feed of a live event, while online auctions are conducted purely over the internet.

“There has been an astounding growth in online activity since Covid, making buying property at auctions more accessible for bidders who may not to be physically in the room,” says Scott Hendry, director of auction finance at Together (main image).

“We’ve seen a 181% rise in our auction finance lending in 2024 compared to 2019, which really highlights what a success story auctions have been in a property market which has proved volatile in the past few years.

“There’s been a shift in the culture because of the increasing use of online auctions, with a more diverse make-up of people buying property through this channel nowadays.

One it was once only seasoned property buyers who would pitch up in an auction room, and this could be quite intimidating for anyone new to the room.

Now the convenience of bidding online or at a livestreamed auction means that people such as younger first-time buyers or property investors and developers can take advantage of the digital transformation and bid on a par with experienced property professionals, which “has undoubtedly re-shaped the market”, says Hendry.

David Sandeman, EIG’s MD, says that, since Covid, online and livestream auctions have gained popularity as the method of choice for auctioneers, sellers and buyers.

“They are much easier for people to access because you don’t have to travel to a venue, and the bidding feels familiar – it is similar to bidding on eBay, which potential buyers have experience of and are comfortable with,” he says.