Just over 900 residential property lots were sold at auction in January, up 52% on the 594 sold in the same month last year, data reveals.
This was the “busiest-ever January” on record, figures from Essential Information Group, member of NAVA Propertymark revealed, adding that the month is usually quiet for auction sales.
Residential properties made up the majority of the 966 lots sold.
A total of 62 commercial lots were sold at auction in January, up from 51 a year ago.
Overall, there was a 45.1% rise in the number of properties put up for auction and a 49.8% rise in the number of sales.
Essential Information Group said the rise in activity was down to two of the main auctioneers in London putting on extra sales at the beginning of the year, instead of in February as usual. The firm said this was an indication of the rise in demand for auction properties, a trend that emerged at the end of last year.
David Leary, director of Essential Information Group and NAVA Propertymark advisory panel member, said: “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.
“If anyone is interested in auctioning their property, it is worth speaking to a NAVA approved auctioning house, as they are held to a high industry standard.”
