Struggling sales market drives surge in under-the-hammer action

Auction sales have increased by 11.3% during the past year with nearly £3 billion worth of residential property sold at auction, research from Moverly reveals.

Data from the digital property pack provider shows that despite the average property price under the hammer seeing a dip of 1.8% to £190,871 some £2.9 billion worth of residential property was successfully sold at auction in 2022/23.

PROPERTIES

The number of properties coming to auction in the UK rose from 13,854 lots in 2021/22 to 15,424 in 2022/23.

The growth in popularity has resulted in approximately 40% more property being sold under the hammer in 2022 compared to 2019 – figures matched by Auction House.

The firm posted record sales figures for the first half of this year, selling 2,644 properties between January and July – up more than a fifth (21%) from 2022, and more than ever before at this stage of the year for the group.

Our pricing strategy continues to reap dividends.”

Jeremy Prior (main picture), Managing Director of Auction House, says: “The careful pricing strategy carried out by our network of regional auctioneers continues to reap dividends.

“That means while overpriced stock lingers in estate agent windows across the UK, our rooms are still seeing genuine interest from canny buyers who recognise the right prices when they see them.”

KEY DIFFERENCE

And he adds: “The key difference is that estate agents will often initially list a property with a maximum price, in the expectation that they may have to discount it later.

“By contrast, auctioneers value each and every property realistically, knowing that the correct level will be found in the auction room. That’s why we’re bucking the trend and seeing sales figures rise rather than fall.”