The UK property auction sector recorded a steady rise in activity last month with new figures pointing to firmer pricing in parts of the market even as bidders become more discerning.
Data from Essential Information Group shows that in October the number of lots offered rose 4.3% year-on-year, while sales increased 2.2% to 3,024.
A total of £611.2 million was raised – up 9.6% on the year – although the success rate dipped to 68.2%, suggesting that while demand remains present, buyers are applying increased scrutiny.
David Sandeman, Managing Director of Essential Information Group, says the latest figures reflected “a market that remains active but increasingly selective”.
FIRM PRICING
He adds: “Residential volumes were broadly steady, with sales unchanged year-on-year, while the total raised increased 7.1%, pointing to firm pricing.
“The commercial sector performed more strongly, with sales up 24.4% and a 27.0% uplift in total raised, suggesting improved investor appetite for income-producing assets.”
Regional performance over the rolling quarter was mixed. The South-West delivered one of the strongest showings, with sales up 29.8%. The South-East Home Counties also posted a solid month, with the total raised rising 22.3%, while Scotland saw notable gains in both activity and values, particularly across residential stock.
SIGNS OF CAUTION
The North-East was among the weakest performers, with sales down 36% and totals falling 32.3%. London also slipped, recording a 6.5% fall in the total raised despite more properties coming to market – a sign that buyers in the capital remain cautious.
Sandeman says that the overall picture still points to resilience, supported by increased stock levels and “selective but consistent buyer demand”.
Although success rates have softened, he says auctions “continue to offer an effective route to market, with both residential and commercial buyers engaging where value and opportunity align”.
Industry analysts expect activity to remain stable into the year-end as investors continue to target realistic pricing and income-producing assets amid a subdued private-treaty market.
UPWARD TREND
Stuart Collar-Brown, President of NAVA Propertymark (National Association of Valuers and Auctioneers), says: “Once again, the auction market shows that buyers are becoming increasingly selective, particularly with interest rates holding steady and the Autumn Budget approaching, along with widely anticipated stamp duty reforms in England and Northern Ireland.
“Even so, it is encouraging to see a consistent upward trend since October 2024. Many people continue to engage in commercial auctions to secure a reliable income at a time when the cost of living remains a key concern.
“These figures also reflect growing confidence in auctions as a fast and convenient route for selling property, especially as the UK Government prepares to reform the homebuying and selling process.”
