Growth in the UK’s property auction market 

The latest data released by property auction data and insights provider Essential Information Group (EIG) shows growth in the UK’s property auction market, providing positive news for property investors.

EIG’s latest monthly National Auction Analysis, released at the end of March, reveals that the UK property auction market saw substantial growth across all year-on-year metrics during February. This positivity follows on from similar results in January.

February saw a significant rise in the number of lots offered and sold and total funds raised compared to the previous year. This increase came despite fewer auctions and some sector-specified auctioneers presenting smaller catalogues compared to the same period in 2023.

Report highlights:

• Of the 36 metrics measured for auction activity nationally, all except six showed increases compared to 12 months ago. The six that dropped were, for the most part, in single digits.
• Despite fewer auctions being held compared to 2023, the abundance of stock increased the sales figures.
• The residential sector performed better than the commercial sector, with an 18.3% increase in lots sold and a 20.8% rise in total funds raised.
• There was regional variability in the data:
  • The Northeast experienced remarkable growth, with significant increases in lots offered, sold, and funds raised, indicating strong market vitality.
  • Scotland encountered challenges, with a decrease in the percentage of lots sold, suggesting potential fluctuations in demand.

Overall, the data paints a positive picture and shows that the auction landscape continues to appear promising for buyers, sellers, and investors.