It’s a tough market out there right now. We just saw house prices experience their largest decline in August since 2018, according to Rightmove’s HPI, and Zoopla reports that the number of UK property sales are on track to fall to lowest level in a decade. Amongst all that gloom, however, the property auction industry is booming.
New research from digital property pack provider Moverly has revealed that there has been an 11.3% increase in the number of home sellers turning to the auction room amidst what has been described as “cooling housing market conditions”. This is a rise from 13,854 lots being sold in 2021/22 to 15,424 in 2022/23.
“There has been an 11.3% increase in the number of home sellers turning to the auction room.”
The reason for this growing interest in auction over other, more traditional methods of buying? Moverly states that buying and selling property at auction “was once the reserve of adventurous or professional property players”, but the rise of online auctions has created accessibility for normal, everyday buyers and sellers to get involved.
Instead of sellers waiting to play the game in a struggling market, they are heading to the auction room for a quick, secure sale with guaranteed interest. The same on the buying end; buyers are increasingly going to auction to find a much more affordable buy in an uncertain time and with more confidence than before as auctions become more widely accessible.
So could selling via auction be the right choice for you? Get in touch with us for friendly advice and a valuation of your property.