"There is an increased appetite for auctioning properties in the face of changing market trends due to higher inflation and interest rates, and an increased awareness of the role auctions can play in the housing market"
- David Leary - Essential Information Group
Regarding the number of properties coming to the market, they have increased by 45.1%, and the number selling under the hammer has leapt by 49.8%.
In January 2023, 645 lots were sold compared to 966 in January 2024, which represents a 49.8% increase. Overall, 66% of lots were sold in January 2024 as opposed to 63.9% last January.
904 of those 966 lots sold in January 2024 were residential properties, whereas in January 2023 that figure stood at 594, indicating a 52.2% increase in the number of residential lots sold since January last year.
Last January, 51 commercial lots were sold, whereas in January 2024, that figure stood at 62, indicating a 21.6% increase ever since January 2023.
According to Essential Information Group, the main reason for this trend this year is that two of the main London auctioneers opted to put on extra sales to kick off the year, prior to their standard February dates. This is a sign of the increased desire and demand for auctions, which started to grow at the end of 2023.
David Leary, Director of Essential Information Group and NAVA Propertymark Advisory Panel Member, said: “2024 is shaping up to be a brilliant year for the auctioning market so far.
"It just shows that there is an increased appetite for auctioning properties in the face of changing market trends due to higher inflation and interest rates, and an increased awareness of the role auctions can play in the housing market.
"If anyone is interested in auctioning their property, it is worth speaking to a NAVA-approved auctioning house as they are held to a high industry standard.”
