Octane have analysed the latest data from EIG Property Auctions, comparing the 12 months Q2 2024 to Q1 2025 with the previous 12-month period Q2 2023 to Q1 2024 to see how the popularity for auction property purchases has changed when compared to the previous 12 month period.
The analysis shows that across England, an estimated 23,967 properties were sold at auction over the last 12 months, up from 22,007 in the previous 12 months, marking an 8.9% increase in transactions.
Auction purchases are proving particularly popular in the North East, where sales have surged by 14.8% year on year. London follows closely with a 14.7% uplift, while the East Midlands has recorded a 12.6% rise. The South West also saw notable growth of 10.6%.
The increasing demand has inevitably driven an uplift in the average price achieved for a property sold at auction.
Nationally, auction property prices have increased by 4.2% to £177,471. The North West leads the way with an 11.5% annual increase, followed by London at 11% and Yorkshire and the Humber at 10.1%.
Jonathan Samuels, CEO of Octane Capital, commented: “Whilst the property landscape is certainly improving, we’ve seen buyers continue to act with caution as mortgage rates have remained higher than many have become accustomed to. This has resulted in many sellers and investors struggling to offload their properties at either the price or pace that is required.
"As a result, many have turned to the auction space in order to push on with their plans for the year and the ability to transact quickly is a major draw in this respect."
"However, speed is only part of the equation, auctions often present properties that need significant work, or which fall outside the criteria of traditional mortgage lenders. This is where bridging finance really comes into its own, giving buyers the certainty and flexibility to secure opportunities that others can’t. We expect this reliance on bridging for auction purchases to grow further as investors continue to seek value in a challenging market.”
