The UK property auction market saw significant growth across all year-on-year metrics last month, new figures show.
National data reveals sharp growth in the number of lots offered, lots sold, and total funds raised compared to the previous year, indicating a continued buoyancy to the market sentiment, according to the Essential Information Group (EIG).
Of the 36 metrics measured by EIG 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.
EIG’s David Sandeman remarked: “The residential sector notably stood out, with an impressive 18.3% surge in lots sold and a substantial 20.8% rise in total funds raised, reflecting robust demand and the increase in average transaction values.
“In the commercial arena, despite some sector-specified auctioneers presenting smaller catalogues than last year, there was still growth observed in lots offered, lots sold and total raised.”
At a regional level, the performance varied. Regions such as the North-East experienced remarkable growth, with significant increases in lots offered, sold, and funds raised, indicating strong market vitality. Conversely, areas like Scotland encountered challenges, with a decrease in the percentage of lots sold, suggesting potential fluctuations in demand.
“Despite these regional disparities, the overarching trend indicates a thriving auction market with resilience and growth. The landscape continues to appear positive and promising for buyers, sellers, and investors navigating the dynamic world of property auctions,” Sandeman added.
National Auction Analysis
Overall
N.B. Figures in brackets denote the comparative period last year
| February 2024 | December 2023 to February 2024 | March 2023 to February 2024 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 4,281 (3,692) | ▲ 16.0% | 9,162 (8,383) | ▲ 9.3% | 37,032 (32,011) | ▲ 15.7% |
| Lots Sold | 3,210 (2,746) | ▲ 16.9% | 6,682 (5,967) | ▲ 12.0% | 26,087 (23,017) | ▲ 13.3% |
| Percent Sold | 75.0% (74.4%) | ▲ 0.8% | 72.9% (71.2%) | ▲ 2.4% | 70.4% (71.9%) | ▼ 2.1% |
| Total Raised | £622.7M (£523.4M) | ▲ 19.0% | £1,243.1M (£1,066.4M) | ▲ 16.6% | £4,968.4M (£4,825.2M) | ▲ 3.0% |
Residential
N.B. Figures in brackets denote the comparative period last year
| February 2024 | December 2023 to February 2024 | March 2023 to February 2024 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 3,813 (3,258) | ▲ 17.0% | 8,126 (7,501) | ▲ 8.3% | 32,497 (27,624) | ▲ 17.6% |
| Lots Sold | 2,864 (2,420) | ▲ 18.3% | 5,948 (5,325) | ▲ 11.7% | 22,921 (19,935) | ▲ 15.0% |
| Percent Sold | 75.1% (74.3%) | ▲ 1.1% | 73.2% (71.0%) | ▲ 3.1% | 70.5% (72.2%) | ▼ 2.4% |
| Total Raised | £485.3M (£401.6M) | ▲ 20.8% | £985.3M (£840.1M) | ▲ 17.3% | £3,885.5M (£3,613.2M) | ▲ 7.5% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| February 2024 | December 2023 to February 2024 | March 2023 to February 2024 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 468 (434) | ▲ 7.8% | 1,036 (882) | ▲ 17.5% | 4,535 (4,387) | ▲ 3.4% |
| Lots Sold | 346 (326) | ▲ 6.1% | 734 (642) | ▲ 14.3% | 3,166 (3,082) | ▲ 2.7% |
| Percent Sold | 73.9% (75.1%) | ▼ 1.6% | 70.8% (72.8%) | ▼ 2.7% | 69.8% (70.3%) | ▼ 0.7% |
| Total Raised | £137.4M (£121.8M) | ▲ 12.8% | £257.8M (£226.3M) | ▲ 13.9% | £1,082.9M (£1,212.0M) | ▼ 10.7% |
Regional Auction Analysis
As is usually the case, variations across all the measurable parameters can be seen across the regions.
N.B. Figures in brackets denote the comparative period last year
East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 389 (366) | ▲ 6.3% | 353 (331) | ▲ 6.6% | 36 (35) | ▲ 2.9% |
| Lots Sold | 289 (267) | ▲ 8.2% | 263 (242) | ▲ 8.7% | 26 (25) | ▲ 4.0% |
| Percent Sold | 74.3% (73.0%) | ▲ 1.8% | 74.5% (73.1%) | ▲ 1.9% | 72.2% (71.4%) | ▲ 1.1% |
| Total Raised | £46.9M (£44.9M) | ▲ 4.5% | £41.1M (£37.0M) | ▲ 11.2% | £5.8M (£7.9M) | ▼ 26.9% |
East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 681 (664) | ▲ 2.6% | 574 (592) | ▼ 3.0% | 107 (72) | ▲ 48.6% |
| Lots Sold | 521 (500) | ▲ 4.2% | 436 (439) | ▼ 0.7% | 85 (61) | ▲ 39.3% |
| Percent Sold | 76.5% (75.3%) | ▲ 1.6% | 76.0% (74.2%) | ▲ 2.4% | 79.4% (84.7%) | ▼ 6.3% |
| Total Raised | £101.1M (£78.7M) | ▲ 28.5% | £70.2M (£59.6M) | ▲ 17.7% | £30.9M (£19.1M) | ▲ 62.2% |
London
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 684 (611) | ▲ 11.9% | 632 (543) | ▲ 16.4% | 52 (68) | ▼ 23.5% |
| Lots Sold | 517 (471) | ▲ 9.8% | 480 (413) | ▲ 16.2% | 37 (58) | ▼ 36.2% |
| Percent Sold | 75.6% (77.1%) | ▼ 1.9% | 75.9% (76.1%) | ▼ 0.3% | 71.2% (85.3%) | ▼ 16.5% |
| Total Raised | £236.6M (£188.3M) | ▲ 25.7% | £199.0M (£151.8M) | ▲ 31.0% | £37.7M (£36.4M) | ▲ 3.4% |
North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 801 (612) | ▲ 30.9% | 757 (586) | ▲ 29.2% | 44 (26) | ▲ 69.2% |
| Lots Sold | 631 (406) | ▲ 55.4% | 599 (385) | ▲ 55.6% | 32 (21) | ▲ 52.4% |
| Percent Sold | 78.8% (66.3%) | ▲ 18.9% | 79.1% (65.7%) | ▲ 20.4% | 72.7% (80.8%) | ▼ 10.0% |
| Total Raised | £41.5M (£34.4M) | ▲ 20.5% | £34.4M (£28.1M) | ▲ 22.2% | £7.1M (£6.3M) | ▲ 12.9% |
North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,383 (1,330) | ▲ 4.0% | 1,243 (1,186) | ▲ 4.8% | 140 (144) | ▼ 2.8% |
| Lots Sold | 1,014 (927) | ▲ 9.4% | 910 (825) | ▲ 10.3% | 104 (102) | ▲ 2.0% |
| Percent Sold | 73.3% (69.7%) | ▲ 5.2% | 73.2% (69.6%) | ▲ 5.2% | 74.3% (70.8%) | ▲ 4.9% |
| Total Raised | £124.6M (£107.9M) | ▲ 15.4% | £102.0M (£84.8M) | ▲ 20.3% | £22.6M (£23.1M) | ▼ 2.4% |
North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 610 (522) | ▲ 16.9% | 554 (471) | ▲ 17.6% | 56 (51) | ▲ 9.8% |
| Lots Sold | 454 (381) | ▲ 19.2% | 412 (341) | ▲ 20.8% | 42 (40) | ▲ 5.0% |
| Percent Sold | 74.4% (73.0%) | ▲ 1.9% | 74.4% (72.4%) | ▲ 2.8% | 75.0% (78.4%) | ▼ 4.3% |
| Total Raised | £122.2M (£108.4M) | ▲ 12.7% | £97.6M (£82.8M) | ▲ 17.9% | £24.6M (£25.6M) | ▼ 3.9% |
Northern Ireland
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 35 (54) | ▼ 35.2% | 34 (45) | ▼ 24.4% | 1 (9) | ▼ 88.9% |
| Lots Sold | 20 (17) | ▲ 17.6% | 19 (14) | ▲ 35.7% | 1 (3) | ▼ 66.7% |
| Percent Sold | 57.1% (31.5%) | ▲ 81.3% | 55.9% (31.1%) | ▲ 79.7% | 100.0% (33.3%) | ▲ 200.3% |
| Total Raised | £2.4M (£1.9M) | ▲ 29.9% | £2.1M (£1.7M) | ▲ 22.3% | £0.3M (£0.2M) | ▲ 111.3% |
Scotland
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 324 (277) | ▲ 17.0% | 213 (187) | ▲ 13.9% | 111 (90) | ▲ 23.3% |
| Lots Sold | 116 (120) | ▼ 3.3% | 80 (75) | ▲ 6.7% | 36 (45) | ▼ 20.0% |
| Percent Sold | 35.8% (43.3%) | ▼ 17.3% | 37.6% (40.1%) | ▼ 6.2% | 32.4% (50.0%) | ▼ 35.2% |
| Total Raised | £19.6M (£12.9M) | ▲ 51.9% | £7.3M (£6.3M) | ▲ 15.6% | £12.3M (£6.6M) | ▲ 86.4% |
South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,444 (1,189) | ▲ 21.4% | 1,327 (1,076) | ▲ 23.3% | 117 (113) | ▲ 3.5% |
| Lots Sold | 1,042 (817) | ▲ 27.5% | 946 (728) | ▲ 29.9% | 96 (89) | ▲ 7.9% |
| Percent Sold | 72.2% (68.7%) | ▲ 5.1% | 71.3% (67.7%) | ▲ 5.3% | 82.1% (78.8%) | ▲ 4.2% |
| Total Raised | £234.4M (£194.0M) | ▲ 20.8% | £192.6M (£153.6M) | ▲ 25.4% | £41.8M (£40.5M) | ▲ 3.2% |
South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 692 (614) | ▲ 12.7% | 603 (546) | ▲ 10.4% | 89 (68) | ▲ 30.9% |
| Lots Sold | 503 (442) | ▲ 13.8% | 436 (390) | ▲ 11.8% | 67 (52) | ▲ 28.8% |
| Percent Sold | 72.7% (72.0%) | ▲ 1.0% | 72.3% (71.4%) | ▲ 1.3% | 75.3% (76.5%) | ▼ 1.6% |
| Total Raised | £93.1M (£87.4M) | ▲ 6.5% | £74.8M (£66.5M) | ▲ 12.5% | £18.3M (£20.8M) | ▼ 12.4% |
Wales
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 531 (423) | ▲ 25.5% | 447 (374) | ▲ 19.5% | 84 (49) | ▲ 71.4% |
| Lots Sold | 354 (280) | ▲ 26.4% | 297 (255) | ▲ 16.5% | 57 (25) | ▲ 128.0% |
| Percent Sold | 66.7% (66.2%) | ▲ 0.8% | 66.4% (68.2%) | ▼ 2.6% | 67.9% (51.0%) | ▲ 33.1% |
| Total Raised | £40.5M (£32.8M) | ▲ 23.5% | £31.4M (£29.1M) | ▲ 7.6% | £9.2M (£3.7M) | ▲ 149.8% |
West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 853 (897) | ▼ 4.9% | 737 (800) | ▼ 7.9% | 116 (97) | ▲ 19.6% |
| Lots Sold | 677 (729) | ▼ 7.1% | 586 (655) | ▼ 10.5% | 91 (74) | ▲ 23.0% |
| Percent Sold | 79.4% (81.3%) | ▼ 2.3% | 79.5% (81.9%) | ▼ 2.9% | 78.4% (76.3%) | ▲ 2.8% |
| Total Raised | £109.9M (£106.2M) | ▲ 3.5% | £81.9M (£83.7M) | ▼ 2.1% | £28.0M (£22.5M) | ▲ 24.3% |
Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| December 2023 to February 2024 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 735 (824) | ▼ 10.8% | 652 (764) | ▼ 14.7% | 83 (60) | ▲ 38.3% |
| Lots Sold | 544 (610) | ▼ 10.8% | 484 (563) | ▼ 14.0% | 60 (47) | ▲ 27.7% |
| Percent Sold | 74.0% (74.0%) | ▼ 0.0% | 74.2% (73.7%) | ▲ 0.7% | 72.3% (78.3%) | ▼ 7.7% |
| Total Raised | £70.3M (£68.6M) | ▲ 2.4% | £51.0M (£55.1M) | ▼ 7.4% | £19.3M (£13.6M) | ▲ 42.6% |
The figures are based on sales data provided to EIG by the auctioneers.
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