Online auction sees record lots for December event

Online sales platform My Auction is predicting its busiest auction of the year for December with entries up 77 per cent on just two months ago. 

The number of lots per auction has steadily increased throughout the second half of 2022. September to October each saw an increase of 50 per cent in the number of lots. 

Auction values have also subsequently increased in line with rising lot numbers with My Auction’s December lots combined worth circa £3m - the highest seen this year. 

Stuart Collar-Brown, the platform’s director, says: “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. 

“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 and closes at 4pm on December 14. 

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