The property market is looking a bit brighter, with more homes going up for auction and buyers battling it out to snap them up. However, experts warn that it’s still a tough market out there.

According to the latest Propertymark report, there was a surge in the number of properties available at auction in the first three months of 2024. 94% of their members said the number of homes meeting their asking price either stayed the same or actually went up compared to the end of last year.

And almost 40% of them said that properties are going for more than the reserve price.

So, what’s behind this renewed sense of optimism?

Well, it seems like the Bank of England’s decision to hold interest rates is giving buyers a much-needed confidence boost. Richard Worrall, president of NAVA Propertymark, reckons: “2024 has started well. There seems to be a return of confidence, probably helped by the hold in interest rates. Buyers are out in force for good quality properties.”

But don’t get too excited just yet!

There are still some bumps in the road. Experts say finding decent properties to sell is like trying to find a needle in a haystack. And while there are plenty of eager buyers, getting everyone on the same page is proving tricky.

Nathan Emerson, CEO at Propertymark, explains: “It is encouraging to see our members’ performance improve in tandem with the overall economy. Despite this, challenges remain, including increasing costs. Our members are also working hard to manage the expectations of buyers and sellers to secure new lots.”