The UK property auction market experienced a record-breaking year in 2024, with a surge in activity driven by buyers and sellers racing to complete transactions ahead of the impending Stamp Duty Land Tax (SDLT) threshold reduction.
Auction sales across iamproperty’s network of over 6,500 estate agency branches accounted for 1.2% of all UK property transactions in 2024, up from 1% in 2023, latest data reveals.
This contributed to a 16% year-on-year increase in sales for estate agents, as more vendors turned to auctions for faster and more secure transactions compared to traditional Private Treaty sales.
The final quarter of 2024 saw particularly strong activity, with 2,832 sales completed through iamproperty’s network between October and December – a 20% increase compared to the same period in 2023.
RECORD NUMBERS
These sales raised a record £511 million in capital value, marking a 26% year-on-year rise and surpassing the half-billion-pound mark for the first time in a single quarter.
The spike in activity was largely attributed to the SDLT threshold reduction, set to take effect on 1 April 2025, which prompted buyers and sellers to expedite transactions to avoid higher costs.
LEADING THE CHARGE
Regional analysis from iamproperty’s Q4 Online Auction Index revealed significant growth in auction activity across the UK, with the North of England seeing a 28% increase in sales.
The South of England followed closely behind, with a 27% rise, driven by strong auction markets in London and Kent – highlighting the increasing appeal of auctions as a reliable and efficient method of property transaction, particularly in a time-sensitive market.
HEALTHIER MARKET
Jamie Cooke (main picture), Co-Founder of iamproperty, says: “Over the past year, we’ve seen interest rates fall and affordability improve, leading to increased stock availability and a healthier market.
“Coupled with the demand for faster completions to avoid higher stamp duty costs, this has created strong opportunities for our agent network.
“Auctions offer a route to quicker sales with a significantly lower risk of fall-throughs, making them an attractive option for both buyers and sellers.”
He adds: “More buyers and sellers are realising that Private Treaty is no longer a viable option if they want to avoid the costs associated with the lowered SDLT threshold.
“Our network will continue to leverage auctions to help clients buy and sell before the deadline. With political uncertainty easing and consumer confidence rising, we’re entering the new year with a more optimistic outlook. The government’s focus on reducing planning red tape could also accelerate the growth of new build stock, further energising the market.”
iamproperty’s Q4 Online Auction Index is available to view HERE.
