The number of properties sold via livestreamed or digital platforms is surging to record levels according to figures released by lender Together.
Data compiled by Essential Information Group (EIG), which tracks the UK auction market, show that 33,448 auctions were conducted online in 2024, compared with just 3,976 traditional in-room sales.
The momentum has continued into this year, with 18,707 auctions held online in the first six months alone.
By contrast, fewer than 1,500 auctions took place online in 2019, before the pandemic, when livestreaming was not used.
ASTOUNDING GROWTH
Scott Hendry, Director of Auction Finance at Together, says: “There has been an astounding growth in online activity since Covid, making buying property at auctions more accessible for bidders who may not to be physically in the room.
“We’ve seen a 181% rise in our auction finance lending in 2024 compared to 2019, which really highlights what a success story auctions have been in a property market which has proved volatile in the past few years.
DIGITAL TRANSFORMATION
And he adds: “There’s been a shift in the culture because of the increasing use of online auctions, with a more diverse make-up of people buying property through this channel nowadays.
“It was once only seasoned property buyers who would pitch up in an auction room, and this could be quite intimidating for anyone new to the room.
“Now the convenience of bidding online or at a livestreamed auction means that people such as younger first-time buyers or property investors and developers can take advantage of the digital transformation and bid on a par with experienced property professionals, which has undoubtedly re-shaped the market.”
SPEED AND TRANSPARENCY
Platforms such as Pugh, part of Eddisons Auction Group, have reported record levels of engagement, with buyers and sellers drawn to the speed and transparency of digital bidding.
Andy Thompson, director of Eddisons Auction Group, reckons the shift is bringing new types of buyers into the market, including international investors.
He says: “Online and livestreamed auctions are transforming how people buy property, attracting everyone from first-time investors to established international buyers.
“Innovations like virtual tours and AI-powered legal-pack summarisation are making the process clearer and more efficient, while the speed and certainty of the auction model continue to appeal across the market.
“This combination of technology and transparency is helping to build greater confidence among buyers and sellers alike, reinforcing auctions as one of the most dynamic and reliable routes to transact in today’s property market.”
eBAY EXPERIENCE
David Sandeman, managing director of EIG, believes that the shift online has fundamentally altered the sector.
He says: “They are much easier for people to access because you don’t have to travel to a venue, and the bidding feels familiar – it is similar to bidding on eBay, which potential buyers have experience of and are comfortable with.
“On top of that, sales are happening far more frequently; instead of just a handful of big ballroom auctions each year, auctioneers are now running monthly livestreams and flexible online sales to suit the evolving needs of their vendors.”
Together and Eddisons will hold a joint livestreamed auction and networking event on 25 September at Together’s headquarters in Cheadle Royal Business Park, Stockport.
