The latest Essential Information Group (EiG) report showed auction activity stayed resilient over the summer, with year-on-year rises in both lots and values.
In July, over 4,500 lots went to auction, up 3.6% on last year, raising £662.4m, an increase of 8.3%.
Residential property stood out, with lots up 4.2% and receipts rising 13.5%, showing steady buyer demand.
Commercial property was more mixed, as lots sold dropped 9.2% in July and receipts fell nearly 10% compared to last year.
Even so, regions such as the East Midlands, North West, North West Home Counties, and Yorkshire & The Humber saw double-digit growth in total raised, showing strong interest in these markets despite local differences.
Stuart Collar-Brown, president of NAVA Propertymark, said: “The outstanding growth in the residential sector year-on-year further demonstrates what we are seeing in the market as more people are considering selling by auction for the higher level of security and certainty during these uncertain times.
“Many of our Propertymark members reported that one of the challenges they are facing from buyers is the higher Stamp Duty threshold due to the fact most buyers are not buying properties to live in as their home.
“The commercial market has some way to go but this is mainly down to a lack of confidence in the retail market where the unsettled inflation rate is hurting the High Street and thus making commercial buyers cautious especially if leases have less than 2 years remaining but with the said, we are seeing a generic shift from investors from residential to the commercial/industrial sector.”
