January property auctions proved to be the “busiest ever” start to the year as the number of homes sold leapt by almost half from a year ago, data from Essential Information Group shows.
The number of properties selling under the hammer jumped 49.8% to 966, while the amount of lots coming to the market, lifted 45.1% on 12 months ago, according to auction services and data firm.
Overall, 66% of lots that came to market were sold in January, compared to 63.9% in the same period last year.
The study shows that 904 of 966 lots sold in January were residential properties, whereas last year that figure stood at 594, a 52.2% uplift.
Also, 62 commercial lots went under the hammer in the month, compared to 51 last year, a 21.6% rise.
The report says the main reason behind the jump in sales is that “two of the main London auctioneers opted to put on extra sales to kick off the year, before their standard February dates.
“This is a sign of the increased desire and demand for auctions, which started to grow at the end of 2023.”
Essential Information Group director David Leary adds: “2024 is shaping up to be a brilliant year for the auctioning market so far.
“It just shows that there is an increased appetite for auctioning properties in the face of changing market trends due to higher inflation and interest rates, and an increased awareness of the role auctions can play in the housing market.”
