Propertymark’s Q1 2024 Auctions Barometer has revealed overall positivity for the market, despite some hurdles yet to overcome.
According to the research, 58% of members stated that the number of lots available for all auction types surged in Q1 2024 compared to Q4 2023.
In addition, 94% of members stressed that the number of lots achieving their reserve price stayed the same or increased in Q1 2024 compared to the previous quarter.
39% also said that the number of lots exceeding their reserve price increased significantly in Q1 2024 compared to the previous quarter.
However, when asked about challenges, respondents cited “a shortage of staff,” and problems “recruiting experienced, and qualified staff.”
Others said that “managing client expectations” was a central problem, with a gap between seller and buyer expectations.
The biggest issue auctioneers and valuers experienced continued to be securing “good stock” for sale.
Richard Worrall, president of NAVA Propertymark, said: “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.”
