Online Auction Index: Q1 2024

Welcome to our Q1 Online Auction Index, our market-leading quarterly focus on the UK residential online auction market.

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Q1 2024 Online Auction Index

Our first Index of 2024 reports back on a strong start to the year for auction, where we’ve seen a significant increase in activity. Q1 sales were up by 14% compared with the same quarter last year, a testament to the hard work of our Partner Agents, who continue to use auction to strengthen their service offering to clients, providing them with an option that offers more speed and security for their transaction.

This comes following a big growth period for auction in 2023 and I have high hopes that, throughout this year, even more agents and consumers will benefit from auction’s speed and security, experiencing first-hand the value of auction as an alternative method of sale.

Slate_Properties Sold

2,588

Number of properties sold

Tick icon

£9.5m

Fees paid to Partner Agents

Icons Slate RGB_money

£454m

Worth of property sold

Slate_Data - Segment

14%

Increase in sales vs Q1 2023

Slate_Large house

52,090

Property viewings

Slate_auction desktop

15,717

Bids placed

Slate_Security

2,377

Completions

Generate income in your estate agency

23%

Increase in fees paid to Partner Agents vs Q1 2023

Q1, 2024 at auction

In Q1 we saw significant auction growth with more sales in a single quarter than ever before, earning our Partner Agents record fees of over £9m. A record quarterly figure of 2,588 property sales resulted in a huge total of more than £454m in Capital Value being raised for vendors.

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Q1, 2024 at auction

In Q1 we saw significant auction growth with more sales in a single quarter than ever before, earning our Partner Agents record fees of over £9m. A record quarterly figure of 2,588 property sales resulted in a huge total of more than £454m in Capital Value being raised for vendors.

View full Index
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Regional Success

  • All
  • North West
  • North East
  • Midlands
  • South
  • South West
  • South East
  • Wales
Most bids on a property
77 bids
560 Rochdale Road, Royton, Oldham
Kirkham Property

• End Terraced House
• 5 bedrooms
• Starting bid £125,000
• Sale price £212,000
• 53 viewings
Most bids on a property
85 bids
11 West Green, Stokesley, Middlesbrough
Bridgfords

• Terraced House
• 2 bedrooms
• Starting bid £115,000
• Sale price £171,500
• 29 viewings
Highest sale price
Sold for £720,000
Croftfield House, Queen Street, Tring
Brown and Merry

• Semi-detached house
• 3 bedrooms
• Starting bid £650,000
• 4 viewings
Highest sale price
Sold for £1,310,000
23 Dickenson Road, London
Barnard Marcus

• Terrace house
• 4 bedrooms
• Starting bid £1,175,000
• 14 viewings
Most bids on a property
72 bids
65 Carlton Avenue, Gillingham
Wards

• Terraced house
• 3 bedrooms
• Starting bid £200,000
• Sale price £224,000
• 27 viewings
Most bids on property
96 bids
7 Meyrick Road, Portsmouth
Fox and Sons

• Terraced house
• 2 bedrooms
• Starting bid £110,000
• Sale price £158,700
• 27 viewings
Most over Reserve Price
£85,000 over Reserve Price
Ty Gwyn, Factory Place, Tremadog, Porthmadog
Tom Parry & Co

• Terraced house
• 4 bedrooms
• Starting bid £90,000
• Sale price £175,000
• 14 viewings

"Working with iamproperty has given me another opportunity to be able to present clients with a different kind of service and one that really suits their evolving needs. This means not just going down the normal route of selling a property but also providing them with the option of auction. It’s really helpful and lovely to be able to stand out in my market."

Holly Price, Powered by eXp

Q1 Online Auction Index Website Assets - Consumer Viewpoint2
Q1 Online Auction Index Website Assets - Consumer Viewpoint

Consumer viewpoint

Whilst the UK housing market remains competitive and price sensitive, consumer confidence has continued to rise as interest rates come down. With the looming possibility of a general election, many vendors are determined to get their property on the market. This is supported by Rightmove data, revealing that March 28th was the biggest day for new sellers coming to market so far this year, and the third biggest day since August 2020.

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Consumer viewpoint

Property market data from Google also confirmed this spike in consumer activity across Q1. There was a 426% uplift in search volumes comparing the beginning of January through to the end of March, related to mortgage rates and the best mortgage deals. Interest in auction continued to climb with searches for ‘housing auction’ and ‘property auction’ reaching their highest rates since summer 2023 and discovery questions prominent around ‘types of auction’ and ‘selling your property at auction’.

These insights demonstrate a growing momentum in the property market, pointing towards a strong Q2

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Jamie’s predictions for Q2

An overview of trends Jamie expects to see in the auction market across the spring months.
A strong spring market

Continued auction growth

We’ve seen a positive start to the year with the demand for auction continually increasing and January sales up 30% YoY. Because of this, I’m entering Q2 with real optimism, anticipating that we’ll see a ‘traditional’ strong spring market. Our Partner Agents are showing really strong stock levels, which puts them in a great position to hit the ground running with their sales and income as we enter this new quarter.

General election uncertainty

Caution in the market

In our last Index, I predicted that a potential UK general election could take place around the midpoint of this year and highlighted the hesitation this could create in the market. I’m pleased to see that even though we still don’t have clarity, transactions have been active so far this year, with buyers undeterred by the potential changes. As we await a possible announcement, I think there’s a good window of opportunity over the next few months for agents to take advantage of the positive market conditions that we’re currently experiencing.

Auction leveraging listings

A tool to win new business

Throughout Q1, I’ve seen a maintained rise in our Partner Agent network using auction as a listing tool to win new business and I’d expect this to continue. The demand from consumers for choice is something that will only grow, and auction enables our Partner Agents to deliver on this.

View our Q1 Online Auction Index

View our Q1 Online Auction Index

Our Online Auction Index is the 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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View our Q1 Online Auction Index

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