Auction Purchases up as investors and others seek bar...

Essential Information Group says the UK property auction market saw substantial growth in February - the latest data.

Of the 36 metrics measured for auction activity on a national scale, all bar six have shown increases on the same period 12 months ago, and those six drops are for the most part in single digits.

Despite a lower number of auctions being held compared to 2023, the abundance of stock featured in catalogues contributed to bolstering these figures.

Director of Essential Information Group, David Sandeman, says: “The data underscores the resilience and vibrancy of the UK property auction market.

Despite broader economic challenges, we continue to witness sustained growth and investor confidence."

The residential sector notably stood out, with an 18.3% surge in lots sold and a 20.8% rise in total funds raised, reflecting robust demand and the increase in

average transaction values.

In the commercial arena, despite some sector-specified auctioneers presenting smaller catalogues than last year, there was still growth observed in lots offered, lots sold, and total raised.

At a regional level, the performance varied, showcasing the diverse nature of the UK auction landscape.

Regions such as the North-East experienced remarkable growth, with significant increases in lots offered, sold, and funds raised, indicating strong market vitality.

Conversely, areas like Scotland encountered challenges, with a decrease in the percentage of lots sold, suggesting potential fluctuations in demand.

EIG says the landscape continues to appear positive and promising for buyers, sellers, and investors navigating the dynamic world of property auctions.

The complete analysis and comprehensive view of the UK auction landscape can be found in this month's newsletter released by Essential Information Group -

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