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UK Residential Property Auction Market Shows Remarkable Growth in September-October 2024

The UK residential property auction market continues to demonstrate remarkable resilience and growth, with latest figures showing significant increases in both sales volumes and revenue during September-October 2024. This sustained growth trajectory reflects the sector’s growing appeal among investors and private buyers alike.

Strong Performance Metrics

September 2024 has emerged as a particularly strong month for the property auction sector. EIG Reports that the National Auction Analysis shows a strong resurgence in the UK property auction market as activity picks up following the summer break. Lots offered increased by 8.7% compared to last year, with 4,538 lots offered and 3,243 sold, a 9% rise. Total funds raised increased by 19.9% to £687.7 million, reflecting renewed market momentum. The residential sector performed particularly well, with a 9.3% increase in lots offered and a 24% jump in total raised, while the commercial sector showed slower growth.

Property for sale by Auction Map of the UK with a superimposed growth chart in white and yellow lines. The title reads, "UK property auction is worch after hax growth chart." A note indicates "2024 in coures of the rarits. Presented by World of Auctions
Property for sale by Auction Map of the UK with a superimposed growth chart in white and yellow lines. The title reads, “UK property auction growth chart.” A note indicates “2024 in course of the year. Presented by World of Auctions

October Success Stories

While we at World of Auctions continue to be Jointly instructed in the promotion and auction of many lots. Both in our roles as acting, not only for the seller. Also increasingly, being asked to utilise our knowledge and experience in acting for the Buyer.

Which in turn illustrates the difficulties that many buyers are experiencing, and lengths they are prepared to go to. In order to secure the correct long, and indeed short term assets for their portfolio’s.

Further reenforcing this point. Leading auction house Allsop’s October residential auction further reinforces this positive trend, raising an impressive £61.3 million with an 84% success rate. The auction featured a diverse range of properties, from traditional residential investments to development opportunities, attracting both domestic and international investors.

Market Drivers

Several factors are contributing to this sustained growth:

– Increased adoption of hybrid and online auction formats

– Growing investor confidence in auction purchases

– Attractive pricing compared to traditional market sales

– Efficiency and transparency of the auction process

Looking Ahead

Industry experts predict this growth trend will continue through the remainder of 2024, with particular strength in the residential sector. The combination of digital innovation and traditional auction expertise continues to attract a broader range of buyers and sellers to the market.

 

– Previous market analysis reports – Property investment guides – Auction buying guides

External Links:

1. EIG Property Auctions (https://www.eigpropertyauctions.co.uk/)

2. Allsop Auctions (https://www.allsop.co.uk/)

3. Property Industry Eye https://propertyindustryeye.com/allsop-raises-92-7m-in-the-uks-biggest-ever-residential-property-auction/