Despite the challenging economic conditions that March 2023 presented, with inflation impacting almost every aspect of the economy, the property auction sector demonstrated remarkable strength. When comparing the figures to March of the previous year, there’s a noticeable increase in the number of lots sold—an impressive 13.7% rise, according to David Sandeman, the head of the Essential Information Group (EIG).

Quarterly Overview: A Strong Start

The first quarter of 2023 didn’t just keep pace with previous years; it exceeded expectations. The overall number of properties sold at auctions grew by 9.6%, with the residential sector, in particular, seeing an 11% increase. This robust start suggests a buoyant market that continues to attract interest despite broader economic uncertainties.

Commercial Sector Insights

In the commercial market, the year kicked off with a significant rise in portfolio sales, contributing to the overall increase in transactions. However, as the year progressed, the fervour somewhat tempered. Investors began holding onto high-performing properties with tenants, reducing the number of commercial lots hitting the auction market. Nonetheless, the properties that did come up for auction continued to find buyers, indicating steady interest and opportunities within the sector.

Regional Performances

The auction market’s performance varied across different regions. The North East and East Midlands, known for their active auction markets, reported growth in sold lots, outpacing other areas. On the other hand, Scotland and Northern Ireland faced challenges related to stock volume and success rates, signaling potential areas of concern as the second quarter approaches.