May 2024’s auction sales generated £532,441,900, as per new data from the Essential Information Group.

In the month of May, a striking 72.5% of the 3,860 lots presented were successfully sold.

Notably, May 2024 marked a 3.8% rise in residential lots offered, with a remarkable 11.4% increase over the year to date.

The sector's vibrancy was further evidenced by a 5.4% uptick in lots sold during May, alongside an impressive annual growth rate of 11.5%. This surge is driven by swifter sale processes for vendors and heightened demand from buyers on the hunt for perfect homes and lucrative investments.

Residential auction earnings also experienced a boost, with a 2.8% increase in May and a 6.4% growth compared to May 2023.

Contrastingly, the commercial auction sector encountered challenges, with May 2024 seeing a 12.8% decline in lots offered and a 13.2% decrease in lots sold.

Nevertheless, high-value transactions in commercial auctions still managed to raise the total by 10.8%.

Regionally, East Anglia, the East Midlands, and the North-East exhibited phenomenal growth, whereas London, Scotland, and Wales experienced declines.

David Leary, NAVA Propertymark advisory panel member and director of Essential Information Group, expressed optimism: “It is encouraging to see the number of residential lots continuing to increase and there being overall growth in this sector.

“A faster sale process for vendors and a higher demand from buyers searching for dream homes and investments have contributed significantly towards the sector’s buoyancy too.

“We hope to see the property auction market in general strengthen further later in the year.”

Michael Sears, NAEA Commercial advisory panel board member, offered insights into the commercial sector's current state: “Whilst commercial stock has definitely hit a ‘trough’ period, auction still provides the most successful method for selling commercial property given the many hurdles lenders place on commercial sector borrowing, and there is no doubting the success we have had in the auctions arena.”