The number of properties sold at auction is increasing at the fastest rate for years, according to the Essential Information Group.

Now figures released by specialist bridging lender Auction Finance show that in the first six months of this year there was a 135% increase in sales it financially supported, compared to the same period in 2013.

Away from London and the south-east, the regions with the biggest increases were the west midlands (370%), the south-west (266%) and Yorkshire and Humber (216%).

Scott Hendry, director at Auction Finance, said: “We’re seeing a significant increase in the appetite for property purchases at auction.

“We attended an auction recently that hosted over 750 people and was full to capacity.

“Currently 5% of houses are bought through an auction, a figure that I expect to see increasing quite quickly in the next few years.”

Auction Finance recently completed its highest-ever bridging loan amount for a property at auction, breaching the £1m mark for the first time.

The property in southern England was bought at auction for over £2m, with the buyer using a bridging loan to complete the purchase.