There’s been a remarkable start to the year for the UK auction sector – its busiest January ever.

Essential Information Group, which provides data and insights across the whole UK property auction market, says the market has experienced a significant uplift in New Year sales.

The key highlights for January 2024 include a staggering 45.1 per cent increase in the number of properties coming to market and a substantial 49.8 per cent growth in the number of properties sold under the hammer compared to the same period last year. 

The total amount raised reached £147.3 million, a remarkable 98.3 per cent increase compared to January 2023.

“The surge in auction activity in January is a testament to the growing appetite and demand for property auctions. The decision by two major London auctioneers to host additional sales in advance of their standard February dates reflects the increased interest we started to witness towards the end of last year,” says David Sandeman, Director of Essential Information Group.

He adds “This strategic move underscores the heightened demand for auctions, a trend that began to emerge towards the end of last year. 

“Auctioneers are adjusting their calendars to accommodate the increasing interest, leading to a significant rise in auction activity.”

Breaking down the performance regionally, most areas have benefited from the additional auctions, showing positive trends across various performance indicators. 

Even in regions where January statistics experienced a slight dip, this can be attributed to auction dates being shifted to early February, indicating the potential for increased activity in the coming month.

This record-breaking start to 2024 sets the stage for a dynamic and promising year in the UK auction sector, says EIG, which anticipates continued growth and vibrancy in the market throughout the first quarter.