Record numbers of buy to let investors and others are buying property online, according to lender Together.
Figures provided to the auction finance provider by Essential Information Group (EIG), which tracks the UK market, show that 33,448 auctions were held digitally – either livestreamed or online in 2024 – compared to just 3,976 in-room auctions.
And this year’s figures look set to break the current record with a total of 18,707 auctions held online in just the first six months of this year.
This compares to less than 1,500 – with no livestreams – in 2019, a year before the Covid outbreak.
Scott Hendry, director of Together, says: “There has been an astounding growth in online activity since Covid, making buying property at auctions more accessible for bidders who may not to be physically in the room. We’ve seen a 181% rise in our auction finance lending in 2024 compared to 2019,which really highlights what a success story auctions have been in a property market which has proved volatile in the past few years.
“There’s been a shift in the culture because of the increasing use of online auctions, with a more diverse make-up of people buying property through this channel nowadays. It was once only seasoned property buyers who would pitch up in an auction room, and this could be quite intimidating for anyone new to the room.
“Now the convenience of bidding online or at a livestreamed auction means that people such as younger first-time buyers or property investors and developers can take advantage of the digital transformation and bid on a par with experienced property professionals, which has undoubtedly re-shaped the market.”
Andy Thompson, director of Eddisons Auction Group, says buyers – including international investors – were entering the UK market through livestreamed auctions.
“Online and livestreamed auctions are transforming how people buy property, attracting everyone from first-time investors to established international buyers. Innovations like virtual tours and AI-powered legal-pack summarisation are making the process clearer and more efficient, while the speed and certainty of the auction model continue to appeal across the market.
“This combination of technology and transparency is helping to build greater confidence among buyers and sellers alike, reinforcing auctions as one of the most dynamic and reliable routes to transact in today’s property market.”
David Sandeman, EIG managing director said that, since Covid, online and livestream auctions have gained popularity as the method of choice for auctioneers, sellers and buyers.
He comments: “They are much easier for people to access because you don’t have to travel to a venue, and the bidding feels familiar – it is similar to bidding on eBay, which potential buyers have experience of and are comfortable with.
“On top of that, sales are happening far more frequently; instead of just a handful of big ballroom auctions each year, auctioneers are now running monthly livestreams and flexible online sales to suit the evolving needs of their vendors.”
