The temperature may be falling during the cold winter months, but the UK auction property market is heating up with more properties selling at auction than ever before.
Speaking with Property Industry Eye, David Sandeman, director of Essential Information Group (EIG), noted an overall trend showing an 8.7% rise in the total number of lots offered at auction during October 2023. This was reflected by a similar increase of 7.8% in the total number of lots sold.
“We are pleased to see such positive momentum in the UK property auction market,” David says. “The increase in lots offered and sold, coupled with a substantial rise in total funds raised, reflects the resilience and attractiveness of the market.”
This is really exciting news for vendors looking to sell their property quickly, while also achieving a great market price.
The strong performance of properties selling at auction was also reflected in our most recent Edward Mellor online property auction, which was held over 06th-07th December 2023. During the sale contracts were exchanged on over 30 properties, with sales amounting to more than £5 Million!
Many of the properties selling at auction well exceeded their agreed reserve price, which meant that both sellers and the Edward Mellor Auction team were thrilled at the results.
“Our December auction was a huge success, our vendors and buyers were truly in the festive spirit and registrations ended as the highest they have been in 2023! Everyone was keen to get that sale agreed and exchanged before the end of the year. We had some incredible lots with a few greatly exceeding their reserves within the first few hours of the auction,” reveals Head of Residential and Commercial Property Auction at Edward Mellor, Louise Buttery.
“The market is definitely more buoyant than it has been in the last few weeks but here in Auction we are busier than ever and looking forward to a busy 2024. With the market bouncing back we will be working with our loyal vendors and buyers to secure lots more deals!”
As one of the largest and most successful residential and commercial property auction managers in the North West, we’re certainly thrilled to hear that the appetite for properties sold at auction remains strong.
It should also come as an exciting signal to sellers that now is the right time to take their property to auction for a hassle free sale with a healthy return.
The next Edward Mellor online property auction is set to take place over 24th-25th January, with properties across Tameside, Stockport, Cheshire, and Greater-Manchester and beyond.
If you’re interested in buying a property at auction, as either a home or investment opportunity, there is still plenty of time left to register to bid. Once you’re signed up, you’ll be able to access relevant legal packs, receive updates and alerts to remind you that the auction is getting underway, and finally be able to bid on the big day!
December was our last online property auction for 2023, but they’ll be plenty more to come in the new year. If you are interested in selling your property in auction, feel free to contact us for a free property valuation, or to contact our auction team for the best advice on how to sell your home.
See you on auction day!
Related Links
Edward Mellor Auctions | Property Valuations | Register to Bid
