Historically, the property market quietens down over the summer months, but not this year,” says auctioneers Auction House.

Oliver Prior, national commercial director of Auction House, says: “Instead, our weekly national online auctions in July saw an astounding growth of 39.3% year-on-year. Property auctions facilitate fast and secure sales. This means that buyers can move quickly, and sellers are protected by the assurance of the sale once the hammer goes down.”

He claims that while growth within the UK economy remains slow, sales within the private treaty market continue to be a challenge due to misaligned price expectations between vendors and the market. Selling by auction, on the other hand, provides a competitive bidding environment, whereby best value is determined by the market.”

Prior says the buoyancy of auction sales will be supported by the continuing high level of stock going under the hammer: “Our August 18 online auction already has 112 lots listed, for instance. With plenty to choose from and all the other advantages of auction, buyers are finding the property auction market to be a strategic option to deliver on their objectives and discover their next property investment.”