New data from leading property auctioneers Auction House reveals the growing number of people buying property through online auctions.
Announcing record sales figures for 2023, the auction group revealed an incredible £61.2 million was raised exclusively through timed online auctions, with £7.1 million raised in November alone.
Specialising in residential, commercial property, and land sales, Auction House has expanded from a standalone auction room to a nationwide operation with offices throughout England, Scotland, and Wales.
Alongside regional livestream events, the auctioneers hold weekly national online auctions, with bidding available for only 24 hours.
Breaking away from the traditional in-person industry, Auction House began experimenting with timed online auctions in 2019 and promptly saw the potential that the new platform held for the market.
With Covid turning the property industry on its head, Auction House quickly transitioned all its in-room auctions online. Whilst some auctioneers struggled to adapt to new technology, Auction House were able to offer flexibility and speed to their customers.
Jeremy Prior, Managing Director of Auction House, previously commented: “If the pandemic has taught us anything, it’s that the future of property auctions is digital. From livestreamed auctions to online bidding, the industry has been dragged into the 21st century and online auctions are here to stay.”
Fast-forward three years, and the success of online timed auctions has continued to sky-rocket for the company. Their 2023 data revealed a year-on-year increase in lots offered, lots sold, and total raised, showcasing the platform’s adaptability and potential for growth.
Auction House offered 1,309 properties for sale through national online auctions in 2023 (compared to 577 in 2022), marking a significant 126% increase from the previous year. They successfully sold 796 properties, surpassing their sales from 2022 by a staggering margin of 154%.
Lewis Hamilton, Corporate Sales Manager for Auction House, says: “Over the past 12 months, we have achieved tremendous success with national online auctions.”
“The auction process is more convenient and accessible than ever before. We’re giving people the confidence to bid - you can see how many people you’re competing with, if people are bidding more than once, and it offers complete control for the buyer.”
He added: "We refer to it as a traditional auction with a modern platform. National online works on the same principals as any unconditional auction. If you’re the winning bidder the sale is legally binding, and the efficiency of auction means you’ll have the keys in your hands within 28 days.”
As property auctions transition into thriving online markets, there is no doubt that the future auction customers will be increasingly drawn to a digital experience.
Lewis continued: “A big development for 2024 is offering timed conditional auctions on a weekly basis. Bidding will open on a Wednesday at 12 noon and close the following Wednesday at 11am.”
“We are confident that conditional auctions will attract many buyers. The process, which can be completed in 56 days, is still quicker than the private treaty route. With buyers having a longer timeframe to secure mortgages, conditional auctions will open the doors for more people to explore auctions as an option.”
Auction House’s next online auction starts at 1pm on Monday 15th January.
