Auction market ‘shattered records’ in January

January 2024 has shattered records to become the busiest ever for UK property auctions, data suggests.

Auction data provider Essential Information Group said the market has experienced a “significant uplift” in New Year sales.

key highlights for January 2024 include a 45.1% increase in the number of properties coming to market and 49.8% growth in the number of properties sold under the hammer compared with the same period last year.

The total amount raised at auction also reached £147.3m, a 98.3% increase compared with January 2023. 
 

In the residential market alone, there was a 45.8% annual rise in lots offered and a 52.2% increase in sales. The proportion of lots sold was 67.5%, up from 64.6% in January 2023, while £135.5m was raised, a £103.4% increase.

David Sandeman, director of Essential Information Group, said: "The surge in auction activity in January is a testament to the growing appetite and demand for property auctions. The decision by two major London auctioneers to host additional sales in advance of their standard February dates reflects the increased interest we started to witness towards the end of last year.

“This strategic move underscores the heightened demand for auctions, a trend that began to emerge towards the end of last year. Auctioneers are adjusting their calendars to accommodate the increasing interest, leading to a significant rise in auction activity.” 

https://www.eigpropertyauctions.co.uk/news/newsletter/2024/february