£532,441,900 was generated during May 2024’s auction sales, according to new data from the Essential Information Group.
During the month, 72.5% of 3,860 lots offered were sold.
May 2024 also witnessed an increase of 3.8% in residential lots offered and a significant 11.4% rise over the year to date.
Thanks to faster sale processes for vendors and higher demand from buyers looking for ideal homes and investments, the sector’s buoyancy was further underscored by a 5.4% increase in lots sold in May and an annual growth figure of 11.5%.
The total raised in residential auctions also saw an increase of 2.8% in May and a 6.4% increase in growth compared to May 2023.
However, the commercial auction sector faced some difficulties, with May 2024 witnessing a 12.8% decrease in lots offered and a 13.2% drop in lots sold.
Regardless, the total raised by higher-value transactions in commercial auctions increased by 10.8%.
In terms of regions, East Anglia, the East Midlands, and the North-East showed incredible growth, while London, Scotland, and Wales saw declines.
David Leary, NAVA Propertymark advisory panel member and director of Essential Information Group, said: “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, said: “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.”
