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.
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This suggests it's a good thing! I see it as LLs desperate to get out of the market. When you see the state of some of the properties coming up for sale now it is easy to see that they have been tenanted & the LL gets it back & says 'I don't want to deal with that level of disrepair anymore' & so it goes to auction. Someone gets a good deal, yes, but it won't be tenants!
Haha, I am busy painting my house up. Grafiti on the walls by kids etc. I am just spucing it up to look presentable. Paint is cheap. I am doing it for free to help sell it. Two agents said don't bother spending any money - you won't get it back.
Grafiti on walls, yes been there had that when a young Indian family moved out some years ago
What would be really interesting (and useful) is to know the breakdown of origin/type of properties. How many are BTL landlords getting out, how many homeowner repossessions, etc. Or is it just people switching from traditional sale to auction because the process of buying/selling has got so ridiculously long in recent years.
Yes it would be interesting to have more info. This may be down to landlords selling off shabby properties, but equally there may be other reasons as you say, its generally quicker if you need the money out asap.
I suggest it will be house flippers buying ex landlord properties. If you see the number of chain free properties for sale on Rightmove that also indicates landlords are selling up their tidier properties. I have recently sold three flat through the private market.
There is a large corner house just down the road from me that was split into three flats. The properties are now empty and up for auction with the warning that the property has recently been purchased by the current owner which may affect mortgage ability in the short term. A strange phrasing that I have not come across before.
The original owner was an elderly lady and I suspect it was sold as probate sale. This current owner has done nothing other than strip it bare, so is not a landlord. That is three sets of tenants moved and they were nice tenants too.
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