Online Auction Index

Welcome to our Q2 Online Auction Index – our market-leading quarterly focus on the UK residential online auction market.

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JAMIE COOKE

Co-founder

JAMIE COOKE

Co-founder

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Q2 2023 Online Auction Index

This second edition launches at a time when the market has seen a shift and faced some new challenges. Auction really comes into its own in more challenging marketplaces like we’re experiencing now, with its speed and security helping to push through sales for the serious buyers and sellers who are still in the market and looking to transact. So I’m pleased to report that we’ve seen another quarter of sales growth – our highest selling quarter since the business began.

In Q2 our Partner Agent Network also grew and we’re now working with over 6,000 Estate Agency branches. The majority of which are using our auction service to offer an alternative method of sale to their clients – supporting them through any kind of market.

Slate_Properties Sold

2,354

Number of Properties Sold

Tick icon

£8.2m

Fees Paid to Partner Agents

Generate income in your estate agency

£412m

Worth of Property Sold

Slate_Data - Segment

32%

Increase in Sales Compared to Q2 2022

Slate_Large house

42,563

Property Viewings

Slate_auction mobile

15,308

Bids Placed

Slate_Security

1,892

Completions

Generate income in your estate agency

26%

Increase in Fees Paid to Partner Agents Compared to Q2 2022

Q2 at Auction Overview

Rising interest rates impacting mortgage affordability during the last quarter saw less discretionary sellers come to the market. In a market with a higher proportion of serious sellers who don’t just want to move but need to, auction thrives, making Q2 our highest-selling quarter to date.

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Q2 at Auction Overview

Rising interest rates impacting mortgage affordability during the last quarter saw less discretionary sellers come to the market. In a market with a higher proportion of serious sellers who don’t just want to move but need to, auction thrives, making Q2 our highest-selling quarter to date.

Download the full index
map-icon

Regional Success

  • All
  • North West
  • North East
  • Midlands
  • South
  • South West
  • South East
  • Wales
Most Bids on a Property
81 Bids on Property
Spring Lane, Radcliffe, Manchester
Yourmove, Radcliffe
• 3 Bedroom Terrace House
• 29 viewings
• Starting bid £125,000
• Final sale price £167,500
Highest Sale Price
Sold for £475,000
Hadrian's Court, Newcastle Upon Tyne
Dobson, Ponteland
• 5 Bedroom Detached House
• 9 viewings
• Starting bid £450,000
Highest Sale Price
Sold for £580,000
Gillway Lane, Tamworth
Green & Co
• 4 Bedroom Detached Bungalow
• 10 Viewings
• £550,000 Starting Bid
Highest Sale Price
Sold for £1,060,000
Pulborough Road, London
Barnard Marcus, Southfields
• Terrace House
• 36 Viewings
• 975,000 Starting bid
Highest Sale Price
Sold for £690,000
Dalestones, Lansdown Road, Bath
Allen & Harris
• Detached House
• 14 Viewings
• £650,000 Starting bid
Highest Sale Price
Sold for £2,400,000
Garnish Hall, Theydon Garnon, Epping
Fine & Country
• 4 Bedroom Detached
• 3 Viewings
• Starting bid 2,350,000
Most Bids on a Property
74 Bids on Property
Commercial Street, Beddau, Pontypridd
Talbot Green
• 3 Bedroom Terrace House
• 14 viewings
• Starting bid £45,000
• Sale Price £113,000

“We have seen a significant improvement from a financial perspective in Q2 compared to Q1, with June being our best month of the year for auction. Auction has helped us overcome challenging market conditions in Q2 by providing sellers with an additional level of certainty and security".

John Nicholson, Managing Director of Dowen Estate Agents

"Auction contributed to making our Q2 successful by allowing our sellers to capitalise on today’s market price and lock-in the value of their property without concerning themselves with any uncertainty in HY2. Buyers have remained sticky with fall through levels below average. The immediate reservation, security and sales fee offered by auction has supported our income in light of Private Treaty sales taking longer to exchange".

Matthew Smith, Managing Director of Thornley Groves in Manchester

5 - CONSUMER SECTION
5 - CONSUMER SECTION (2)

Consumer Viewpoint

Consumers have never been more open to auction as an alternative method of buying and selling. Google search mirrors this with search for the Modern Method of Auction increasing by 90% over the last two years.

Auction activity is growing across the board, with Rightmove data comparing Q2 2022/23 showing strong demand and sales activity which mirrors what we’re seeing. In Q2, the portal listed 26,316 properties for sale via auction, which is up by 34% on the same quarter last year.

Download the full index

Consumer Viewpoint

Consumers have never been more open to auction as an alternative method of buying and selling. Google search mirrors this with search for the Modern Method of Auction increasing by 90% over the last two years.

Auction activity is growing across the board, with Rightmove data comparing Q2 2022/23 showing strong demand and sales activity which mirrors what we’re seeing. In Q2, the portal listed 26,316 properties for sale via auction, which is up by 34% on the same quarter last year.

Download the full index

Jamie’s predictions for Q3

An overview of trends Jamie expects to see in the auction market over the next quarter.
More cash buyers

A slight reduction in mortgage purchasers

Over the last quarter we’ve seen a slight reduction in mortgage purchasers on auction transactions and a slight increase in cash buyers. This doesn’t come as a surprise in line with the recent interest rate rises. I expect this to follow into Q3 as the dust settles but we could see a shift further down the line.

Less discretionary sellers

Agents will be engaging with more committed sellers

So far this year we’ve not seen a real change in instruction type, but as we look at the broader market for the rest of the year, I do anticipate that we’ll see a reduction in discretionary sellers. What this means for agents is that I expect you’ll be engaging with more committed sellers who really need and want to sell. On this basis, the benefits that auction can bring in terms of speed and security will be far more relevant to a lot more of the clients you engage with.

Maintained demand

Auction will continue to support serious sellers with quick and secure sales

With interest rates still high and market conditions expected to remain much the same as we’ve had in Q2, I expect to see demand for auction hold strong, supporting serious sellers with quick and secure transactions.

Download the Auction Index

Download the Auction Index

Our Online Auction Index is a first of its kind for the UK, released at a time when the Modern Method of Auction market has never been more active.

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Download the Auction Index

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