Propertymark’s Q1 2024 Auctions Barometer has painted a generally positive picture for the market, even though some obstacles still loom large.

Looking into the findings, 58% of members observed a surge in the number of lots available across all auction types in Q1 2024 compared to Q4 2023.

Moreover, an overwhelming 94% of members highlighted that the number of lots meeting or surpassing their reserve prices remained steady or increased in Q1 2024 versus the previous quarter.

A notable 39% also reported a substantial rise in the number of lots exceeding their reserve prices in Q1 2024 compared to Q4 2023.

Yet, challenges persist. When questioned, respondents pointed to “a shortage of staff,” along with difficulties in “recruiting experienced, and qualified staff.”

Several members also identified “managing client expectations” as a significant issue, underscoring the disparity between seller and buyer expectations.

The most pressing concern for auctioneers and valuers, however, continued to be acquiring “good stock” for sale.

Richard Worrall, president of NAVA Propertymark, commented: “2024 has started well. In the residential and commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates.

“Catalogue numbers remain strong and registered bidder levels are also high.

“Results from early sales this year show a strong appetite for well-priced properties of all types with buyers out in force for good quality properties.”

Nathan Emerson, CEO at Propertymark, added: “It is encouraging to see our members’ performance improve in tandem with the overall economy.

“Despite this, challenges remain, including increasing costs. Our members are also working hard to manage the expectations of buyers and sellers to secure new lots.

“Overall, our members are cautiously optimistic about the remaining 2024 outlook.”