"The data underscores the resilience and vibrancy of the UK property auction market. Despite broader economic challenges, we continue to witness sustained growth and investor confidence"
- David Sandeman - Essential Information Group
Property auction data and insights provider, Essential Information Group, has released its latest monthly National Auction Analysis, revealing significant trends and insights into the industry's performance.
According to the report, there were significant increases in the number of lots offered, lots sold, and total funds raised compared to the previous year, indicating a continued buoyancy to the market sentiment.
Of the 36 metrics measured for auction activity on a national scale, all bar six have shown increases on the same period 12 months ago, and those six drops are for the most part in single digits.
Despite a lower number of auctions being held compared to 2023, the abundance of stock featured in catalogues contributed to bolstering these figures.
Director of Essential Information Group, David Sandeman, commented on the findings, stating: "The data underscores the resilience and vibrancy of the UK property auction market. Despite broader economic challenges, we continue to witness sustained growth and investor confidence."
The residential sector notably stood out, with an impressive 18.3% surge in lots sold and a substantial 20.8% rise in total funds raised, reflecting robust demand and an increase in average transaction values.
In the commercial arena, despite some sector-specified auctioneers presenting smaller catalogues than last year, there was still growth observed in lots offered, lots sold, and total raised.
At a regional level, the performance varied, showcasing the diverse nature of the UK auction landscape. Regions such as the Northeast experienced remarkable growth, with significant increases in lots offered, sold, and funds raised, indicating strong market vitality. Conversely, areas like Scotland encountered challenges, with a decrease in the percentage of lots sold, suggesting potential fluctuations in demand.
Despite these regional disparities, the overarching trend indicates a thriving auction market with resilience and growth. The landscape continues to appear positive and promising for buyers, sellers, and investors navigating the dynamic world of property auctions.
