An online property auction specialist has reported its busiest auction of the year for December as it prepares for the last auction of 2022.
My Auction says entries for the December auction have now closed, with a rise of 77% in lot numbers in comparison to just two months ago.
It adds that the number of lots per auction has steadily risen throughout the second half of this year, with September to October witnessing an increase of 50% in the number of lots. The firm also states that auction values have increased in line with rising lot numbers, with My Auction’s December lots combined worth around £3 million. This is the highest amount seen this year, followed closely by May’s auction which listed at just over £2 million.
Auction sales seem to be bucking the wider market trend when it comes to the volume of residential sales, with recent HMRC figures showing that the number of homes sold in September was 32% lower than in September 2021. This comes amid a worsening cost-of-living crisis, soaring inflation and rising mortgage rates.
Stuart Collar-Brown, co-founder and director of My Auction, said: “Given such political turmoil, it’s natural that the interest in property auctions is growing. We saw this back in the crash of the 1990’s and then again in 2008 when the last financial crisis happened. In such uncertain economic climates, auctions offer a very viable way to buy and sell property quickly and efficiently with far less stress than buying through traditional private treaty sales.”
“For the buyer its appeal is speed of sale, and the transparency and certainty of knowing that you can be in the property within 28 days. For the seller, it’s a quick and efficient way to unload property that could fall in value if a sale isn’t secured quickly.”
He added: “Property auctions provide a useful barometer of the property market, often offering an early steer of the direction the overall market is heading in. With base rates increasing, mortgage rates rising, not to mention the looming recession and cost of living crisis, it’s no surprise that traditional residential property sales are taking a hit. During a market downturn, property auctions offer everyone a sensible route to market and we expect interest to continue rising as we head into 2023.”
My Auction’s next auction goes live on December 13 2022 and closes at 4pm on December 14 2022. Current lots can be found here.
