Vendors turn to auctions in increasing numbers
Figures from property platform Moverly reveal an almost 12% uplift as the market has become trickier this year.
More home sellers are now turning to auctions to achieve a sale as the mortgage crisis continues to hit the market.
There has been an 11.3% increase in auction sales in the last year, according to data firm Moverly, as online auction events become more popular.
The total number of lots sold shot up from 13,854 in 2021/22 to 15,424 in 2022/23.
Staggering
While the average price of an auction property declined by -1.8% year on year to £190,871, there was still a staggering £2.9 billion worth of residential property sold at auction in 2022/23.
The North West (2,839) is the region where most properties are going under the hammer, followed by Yorkshire & Humber (2,107).
But the biggest annual increase in the number of auction properties has been recorded in Scotland (53.8%) followed by the South West (26.4%).
Prices rise
While auction prices have cooled across the majority of regions in the last year, some parts of the UK have still seen prices rise, including Scotland (20.5%), Yorkshire & Humber (2.4%), the West Midlands (1%), and North East (0.9%).
When it comes to the total value of auction sales in the past year, London homes top the table with a total value of £794.5 million.
South East sales have totalled £554.6 million while homes under the hammer in the North West have a combined value of £308.9 million.
Rather than playing the waiting game…an increasing number are heading to the auction room.”
Ed Molyneux, Moverly co-founder, says: “In cooling market conditions, many sellers are struggling to find and secure good buyers.
“Rather than playing the waiting game while property values continue to stutter, an increasing number are heading to the auction room, accepting the marginal hit on the sale price in return for a quick and certain transaction.”
