In Q4 2024, the auction sector grew compared to the previous quarter, according to the latest Propertymark Auction Barometer.
More than half (53%) of members reported an increase in lots exceeding reserve prices, while only 12% noted a decrease.
Additionally, 41% of respondents said the number of available lots grew in Q4 2024 compared to Q3.
Online activity and live streaming were the most popular auctioneering methods, with 83% saying that lots achieving reserve prices either remained constant or rose during Q4 2024, an increase from 71% in Q3.
Nathan Emerson, CEO at Propertymark, said: “It is highly encouraging to observe the robust momentum within the auctioneering profession throughout the year.
“Overall, 2024 has presented a balanced mix of resilience and challenges.
“The auctioneering sector continues to adapt and exceed consumer expectations, as demonstrated by the substantial growth in live-streamed events and online engagement.”
Emerson added: “Notably, 41% of member feedback indicates a sentiment of expansion regarding the number of lots available, with the highest proportion surpassing their reserve prices.
“While the broader economy has experienced significant changes over the past year, and we are still navigating the aftermath of a turbulent twelve months, we are now well-positioned for sustained growth and stability as we enter 2025.”
Stuart Collar-Brown, president of NAVA Propertymark, said: “The final quarter of the year saw much change within the auctioneering profession.
“The budget provided a raft of immediate and proposed updates regarding taxation, with aspects such as Stamp Duty on second homes and buy-to-let properties increasing as well as revisions regarding Capital Gains Tax coming into play; with increases from 20% to 24% at the higher rate and from 10% to 18% at the lower rate.”
Collar-Brown added: “October auction results saw a seismic reaction to market conditions in general, with extremely positive results.
“Overall lots offered saw an impressive jump of 34% and lots sold increased by 39%, when compared with October 2023.
“Overall revenue raised soared by an inspiring 47% to £558m by auctioneers across the UK.”
He said: “There has also been remarkable positivity within the chattels market, with a rare 18th-century Chinese vase discovered in a Shropshire attic selling for £1.2 million in November, far exceeding its £50,000 estimate.
“As we head into 2025, there is a strong feeling of positivity within the profession, with buyers and sellers appreciating the speed and certainty of auctions to meet their end-of-tax-year deadlines.”
