Agents achieve highest quarter of online auction sales on record

Auction is continuing to support the market with a rise in demand for faster and more secure transactions. Between July and September, our Partner Agent network sold a record number of properties via online auction, making Q3 our highest selling quarter since the business began 14 years ago.

Our Online Auction Index is the industry’s only quarterly focus on the UK residential online auction market. Our Q3 Index is now live, and packed with insights for agents, including a regional overview, data from Rightmove, and predictions for the auction market in Q4.

Here’s a glimpse of what you can find inside…

Q3 At Auction

Each quarter of online auction sales this year has outsold the last, and while winning new Private Treaty instructions remains a challenge, agents’ auction sales are growing at pace. In Q3, Capital value raised reached a record figure of ￡431m, an increase of 5% on the previous quarter, and an increase of 27% compared to the same period last year.

Q3 also saw agents’ fees from auction sales increase by 30%, rising from ￡6.7m in Q3 2022 to ￡8.7m this quarter – another record figure.

Regional Success

Auction sales increased across all regions in Q3, with the South continuing to see the highest levels of growth in auction activity, closely followed by the North. The highest selling property across the quarter was in Chiswick and was sold for ￡2.38m - ￡381,500 over its reserve price.

Q4 Predictions

Auction is supporting agents to meet the needs and expectations of vendors in today’s market, who are prioritising speed, security and transparency more than ever before. Our Co-Founder, Jamie Cooke , predicts that the demand for auction will hold strong as agents move into the last few months of the year. Read our Index to find out more about Jamie’s predictions for Q4.

Consumer Viewpoint

Competition for new instructions remained high in Q3, as the majority of consumers continued to be cautious about their spending. Over the Summer, we saw less discretionary sellers come to the market than usual, and instead a higher number of serious buyers and sellers who don’t just want to move but need to.??

Our Q3 Online Auction Index dives into the wider consumer landscape to reveal what consumers really want from their experience with their Estate Agent, and what matters most to them when it comes to buying and selling their home.

View the full Q3 Online Auction Index here.

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