January 2024 has been classed as the busiest ever January in property auction history by the Essential Information Group.

Regarding the number of properties coming to the market, they have increased by 45.1 per cent, and the number selling under the hammer has leaped by 49.8 per cent.

In January 2023, 645 lots were sold compared to 966 in January 2024, which represents a 49.8 per cent increase. Overall, 66 per cent of lots were sold in January 2024 as opposed to 63.9 per cent last January.

904 of those 966 lots sold in January 2024 were residential properties, whereas in January 2023 that figure stood at 594, indicating a 52.2 per cent increase in the number of residential lots sold since January last year.

Last January, 51 commercial lots were sold, whereas in January 2024, that figure stood at 62, indicating a 21.6 per cent increase ever since January 2023.

According to Essential Information Group, the main reason for this trend this year is that two of the main London auctioneers opted to put on extra sales to kick off the year, prior to their standard February dates. This is a sign of the increased desire and demand for auctions, which started to grow at the end of 2023.  

David Leary, Director of Essential Information Group says: “2024 is shaping up to be a brilliant year for the auctioning market so far. It just shows that there is an increased appetite for auctioning properties in the face of changing market trends due to higher inflation and interest rates, and an increased awareness of the role auctions can play in the housing market.”