July’s Auction Market Shows
Relatively Strong Performance

July 15, 2022

Mark Hempshell - Property Auctions News

by Mark Hempshell

While online property auctions have been around for a number of years, demand surged for this way to buy and sell throughout the COVID-19 pandemic, and it has remained an attractive buying and selling solution ever since.

Many online auction houses saw record-breaking results in 2021. iamsold, for example, recorded an increase of almost 54% on the number of auction transactions compared to 2020. 

This year, many auction houses with online offerings have also had the most successful start to a year. Even as there is talk about the wider property market cooling down, data from many online and hybrid auction houses are showing that demand remains high among auction buyers and sellers.

During May, the auction service for iamproperty saw 621 properties sold online, which is its highest monthly figure to date. These transactions raised £119m in capital value for sellers, which is also a record-breaking figure.

Another auctioneer with online offerings, Auction House, sold 1,606 properties and raised a total sum of about £251m in the first five months of the year. This was the first time in the company’s 15-year history that it exceeded the £250m milestone within that time frame. 

Why Has There Been a Surge in Demand Among Buyers and Sellers?

In recent years, the rise in online property auctions has been driven by a number of factors, including lockdown restrictions during the COVID-19 pandemic, the stamp duty holiday, and a low supply of property available on the market.

Throughout the pandemic, many people were forced to stay at home, and this led to a surge in demand for online auctions as a way to buy and sell property. This also led to a rise in awareness of online auctions, as more people have become aware of the benefits.

During the stamp duty holiday, more people were choosing online property auctions as it provided a way to buy quickly as the average time it took to complete a property transaction soared. 

Throughout 2021 and 2022, there has also been a decline in the number of properties available for purchase. During this time, online property auctions provided an alternative solution for both buyers and sellers.

What Are the Benefits of Online Property Auctions?

Recent market conditions and the pandemic have highlighted the many benefits of online auctions. The main benefits include increased speed, convenience and efficiency of buying and selling property.

Additionally, buyers can find a huge range of properties available through online auctions, from residential and commercial properties to land and development sites. What’s more, they can bid on properties from the comfort of their own home.

Sellers also benefit from online property auctions. There’s no need to hire an estate agent – the entire process can be managed from start to finish through the auction site. Sellers can also expect a quicker sales turnaround, which can be hugely appealing for a range of people.

Buying and Selling at Online Auctions

It’s evident that the online property auction market is growing rapidly, and this trend is expected to become even more popular in the years to come. From faster transactions to a wider range of properties to choose from, online auctions are a great way to buy a home or sell your property

At Property Solvers Auctions, we can help you buy or sell through our online property auction platform. For more information, get in touch by calling us at 0800 044 3922.

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