A Wider Range of Properties Being Bought and Sold at Auction

A more extensive range of property types are being bought and sold at auction across the country, according to insights from iamsold. This includes impressive properties selling for more than £1m and properties going for less than £50k that are in need of refurbishing… and everywhere in between.

The increased uptake in selling property at auction is thanks to more diverse properties succeeding in being sold this way. And this could mean there will be more competition for buyers and sellers moving forward.

With the rise in buying and selling at auction, which is happening across both the residential and commercial sectors, what does this mean for auction buyers and sellers?

Buying at auction

As a more significant assortment of properties are going under the hammer, this could attract more buyers with an array of budgets and types of property they’re looking for.

Whether you’re looking to add value to a property or dreaming of the most inspiring home or commercial space, there is so much opportunity for homebuyers and property investors alike.

Additionally, iamsold expects there to be a hike in owner occupied buyers purchasing property at auction. This group of buyers already accounted for an average of 42% of sales every month in 2022. While auctions have been traditionally more popular among investors, the diversifying auction market is allowing families to quickly secure their dream home too.

Selling at auction

As more and more properties are being sold successfully at auction, this will likely lead to additional sellers choosing auction as a means to sell.

This could happen particularly as the average time it takes to complete on the open market is on the rise, and there could be further delays ahead, especially with conveyancing. On top of that, there has been an increase in fall throughs on the open market as well, causing additional uncertainty and worries for sellers.

Some professionals in the industry are predicting there will be an increased amount of stock up for sale at auction this year, and there could also be larger catalogues of people keen to dispose of assets quickly.

In summary

For both buyers and sellers, auctions can provide a better transaction experience that suits a range of circumstances, especially with the current property market and economic conditions.

With more buyers and sellers interested in the benefits that come with using property auctions, this could further increase the kinds of properties being bought and sold in this way, further diversifying the sector.

At the same time, there are different methods of buying and selling at auction with traditional in-person, the modern method and hybrid options often on offer, so make sure you figure out what type works best for you and your circumstances.