The property auction market is booming with sales and profits soaring in the last month, according to the latest figures.
This rise is great news for anyone looking to buy or sell property quickly, with residential and commercial properties seeing a big jump in interest.
Residential properties are proving particularly popular, with 11.2% more homes listed for auction in June 2024 compared to the same time last year. Even more impressively, the number of homes successfully sold at auction rocketed by 22.1% over the same period. This surge in sales is largely thanks to London’s booming property auction scene, where the number of properties sold jumped by 10.8% in the last quarter, with the total value of sales up by a massive 19.3%.
Commercial property auctions are also seeing impressive growth, with 37.2% more properties sold in June 2024 compared to last year. The total value of commercial properties sold also saw a massive increase of 160.3%.
David Sandeman, from property data experts EIG, commented on the findings: “We’re seeing strong performance from regional auction houses, particularly in East Anglia and the East Midlands, where there’s been a significant increase in both the number of properties listed and sold.” However, he cautioned that “not all regions are experiencing the same level of growth. In Scotland, for instance, despite an increase in residential activity, the total amount raised from auctions actually decreased by 30.8%.”
Here’s a detailed breakdown of the national auction figures:
Overall Property Auction Performance:
| Period | Lots Offered | Lots Sold | % of Properties Sold | Total Value of Sales |
| June 2024 | 3,009 | 2,126 | 70.7% | £427.8 million |
| April 2024 to June 2024 | 9,560 | 6,800 | 71.1% | £1,317 million |
| July 2023 to June 2024 | 37,491 | 26,611 | 71.0% | £5,098.1 million |
These figures show an increase compared to the same periods last year.
Residential Property Auction Performance:
| Period | Lots Offered | Lots Sold | % of Properties Sold | Total Value of Sales |
| June 2024 | 2,640 | 1,864 | 70.6% | £328.6 million |
| April 2024 to June 2024 | 8,463 | 6,041 | 71.4% | £1,058.1 million |
| July 2023 to June 2024 | 33,036 | 23,508 | 71.2% | £3,978.5 million |
These figures show an increase compared to the same periods last year.
Commercial Property Auction Performance:
| Period | Lots Offered | Lots Sold | % of Properties Sold | Total Value of Sales |
| June 2024 | 369 | 262 | 71.0% | £99.1 million |
| April 2024 to June 2024 | 1,097 | 759 | 69.2% | £258.9 million |
| July 2023 to June 2024 | 4,455 | 3,103 | 69.7% | £1,119.6 million |
These figures are compared to the same periods last year. While June saw significant growth, the quarterly and yearly figures show a slight decline, illustrating the impact of the additional Allsop Commercial auction in June.
The figures show that the property auction market is definitely hot right now, offering a fast and potentially profitable way to buy and sell property.