January 2024 saw a huge surge in auction sales, marking a historic high for January property auctions as reported by NAVA Propertymark member Essential Information Group.

The statistics reveal a substantial uptick in market activity, with a 45.1% increase in properties entering the market and a concurrent 49.8% rise in properties successfully sold under the hammer. A comparative analysis between January 2023 and 2024 reveals a notable spike from 645 to 966 lots sold, indicating a robust 49.8% growth.

The overarching trend manifests in the overall sales percentage, where January 2024 witnessed 66% of lots changing hands, a modest but discernible improvement from the previous year's 63.9%. Residential properties, constituting a significant portion, saw a 52.2% surge in sales, with 904 out of 966 lots finding new owners in January 2024, up from 594 in the same period in 2023.

Commercial lots, though experiencing a more modest increase, reflected a 21.6% rise, with 62 lots sold in January 2024 compared to the previous year's 51.

According to Essential Information Group, the driving force behind this surge can be attributed to the decision of two prominent London auctioneers to host additional sales in January, departing from their usual February schedule. This strategic move is indicative of a growing appetite for auctions, a trend that gained momentum towards the end of 2023.

David Leary, Director of Essential Information Group and NAVA Propertymark advisory panel member, expressed optimism about the current market dynamics: "2024 is shaping up to be a brilliant year for the auctioning market so far."

Leary noted an increased interest in property auctions amidst evolving market conditions marked by higher inflation and interest rates: "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.

“If anyone is interested in auctioning their property, it is worth speaking to a NAVA approved auctioning house as they are held to a high industry standard.”