Homes Under The Hammer - good times are here for auctions

There appears to be more evidence that these are good times for auctions.

Network Auctions says it’s witnessed a sales surge, with 2024 proving to be a much busier year for them.  

The auctioneers achieved £5.4 million worth of sales in their most recent sale 

They have listed 49 per cent more lots this year compared to the same period in 2023, which has translated into a 45% uplift in the amount raised over their two auctions in February and March 2024 compared to the same period in 2023.  

Furthermore, Network Auctions have achieved an 84 per cent sales rate across both sales. 

Richard Worrall, auctioneer at Network Auctions, says:  “2024 is proving to be a terrific year for auctioning in general, with this option becoming very popular for both buyers and sellers. With Network Auctions witnessing a boost in sales, this shows that we are delivering an excellent customer service to those who choose to use our business. It also makes a difference if the auctioneer a consumer uses is NAVA Propertymark certified, as you will then know that auctioneer will behave to a higher ethical standard than the law expects.”

Recently the Essential Information Group = which monitors the entire auction sector - said the market saw substantial growth at the start of 2024. 

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."