Online Auction Index: Q2 2023
Welcome to our Q2 Online Auction Index – our market-leading quarterly focus on the UK residential online auction market.
Welcome to our Q3 Online Auction Index – our market-leading quarterly focus on the UK residential online auction market.
Our third Index launches following our highest selling quarter since the business began 14 years ago. On behalf of our Partner Agents across the UK, we’ve sold over 2,500 properties in Q3. It’s been a phenomenal few months for auction, with record numbers seen every month.
I understand that it’s still challenging out there, with a lower than average number of discretionary sellers coming to the market and mortgage rates still at the higher end. The situation has made it more difficult to win new instructions and secure sales, however our Partner Agents are benefiting from being able to offer auction as a solution, helping their clients to achieve their goals of a fast and more secure transaction.
"Q3 has been our best quarter so far and has seen us sell more properties through auction than we have through Private Treaty.
Auction offers a solid and secure method of sale in addition to a great guaranteed commission.
It’s been a popular choice for vendors looking for a hassle-free sale and we’ve seen a particular interest from long distance sellers.
The iamproperty team are a great support and do a huge deal of the leg work once a sale is agreed, which really supports the transaction."
Consumers are still facing higher costs of living and mortgage rates. We’re seeing less discretionary sellers than usual at this time of year testing the market, but more who are serious about buying and selling.
Auction activity is at an all-time high at a national level, with consistent quarter-on-quarter growth supporting agents and consumers to achieve their goals. Rightmove data mirrors what we’re seeing, with a 33% increase in the number of properties listed for sale via auction so far this year versus 2022. Sales agreed rose in line with this increase due to more properties being listed via auction and growing consumer awareness.
View full IndexWelcome to our Q2 Online Auction Index – our market-leading quarterly focus on the UK residential online auction market.
The auctions have been excellent, and we’ve had some huge success stories and some fantastic prices for our clients.
The idea that property auction is only suitable for investors is an outdated one, but one that persists. Discover why auction is for everyone, not just investors.
Auction is for premium products. It’s for every property, for every price range. If I had a Van Gogh painting, I would take it to auction. I would not sell it on the cheap with a small audience.