Strong spring market forecast for auction following highest selling quarter on record

Auction is gearing up for even more growth as we head into an anticipated strong spring market, following another record-breaking quarter of sales, as Capital Value raised for vendors surpassed ￡450m for the first time.??

Our Partner Agents entered the year strong, building on last year’s momentum, when our auction sales grew to make up 1% of all property transactions in the UK for the first time. A total of 2,588 properties were sold via auction between January and March, an increase of 14% compared to the same period last year.??

Our Online Auction Index is the industry’s only quarterly focus on the UK residential online auction market. Our Q1 Index is now live and reveals exclusive insights for agents, regional data and predictions for the auction market as we head into what is traditionally a busy sales period.??

Q1 at Auction??

Following a transformational year for auction, our Partner Agents continued to break records in Q1 and achieved their highest selling quarter on record. Heightened activity saw our network earn over ￡9.5m in fees from their auction sales, which was 23% more than the ￡7.8m they earned during the same period last year.??

Regional results?

In Q1, we saw auction activity across the UK boom, as our Partner Agents continued to benefit from auction as a tool to help them win more listings and secure great results.??

Sales in the South East rocketed, growing by 20% compared to Q1 2023, showing a rising demand for auctioning higher value properties.??

Our Online Auction Index dives deeper into regional data to uncover the standout areas for auction activity growth.??

Jamie’s Predictions??

Continued rising demand, coupled with improved market conditions have supported an encouraging start to the year’s auction sales for our agent network.??

Now with the market in a more positive place, there’s huge potential for agents to hit the ground running and see even more auction success throughout 2024.??

Visit our Online Auction Index to hear more from Jamie Cooke about his predictions for the auction market in Q2.?

While the UK housing market is still very competitive and price sensitive, consumer confidence has continued to rise as interest rates are coming down. Our sales data paired with feedback from our agent network reveal that consumers are becoming more open to and confident in considering auction to buy and sell a property.???

Consumer searches for ‘housing market’ and ‘property auction’ also hit their highest rates since summer 2023, with notable spikes in discovery questions around ‘types of auction’ and ‘selling your property at auction.’??

Read our Online Auction Index for more valuable consumer insights for agents.??

Accelerate your success??

Stay in the know with the latest insights and updates on the residential property landscape and what’s happening at iamproperty over on our brand new LinkedIn Group, Solutions for Next Gen Agents.

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