Continued growth recorded in auctioneering sector
NAVA Propertymark Auctioneering members have witnessed an increase in the number of auctioning lots achieving their reserve price or more, demonstrating the continued growth in demand and further optimism for the sector.
In the latest Propertymark Auction Barometer, 83 per cent of members stated that the number of lots achieving their reserve price stayed the same or increased in Q4 2024 in comparison to Q3 2024, where the figure stood at 71 per cent.
The highest percentage of those surveyed (41 per cent) claimed that the number of lots (for all auction types) increased in Q4 2024 in comparison to Q3 2024. In the latter quarter, 57 per cent of those surveyed stated that the number of lots (for all auction types) either stayed constant or increased.
Finally, like with the Q3 2024 Auctions Barometer, over 50 per cent of members said that the number of lots exceeding their reserve price increased in Q4 2024. In Q3 2024, this figure stood at 57 per cent, whereas in Q4 2024, this number slightly dropped to 53 per cent but still represents that a majority of members believe the number of lots they auction are beating their reserve price.
Nathan Emerson, CEO at Propertymark, said:
“It is highly encouraging to observe the robust momentum within the auctioneering profession throughout the year. Overall, 2024 has presented a balanced mix of resilience and challenges.
“The auctioneering sector continues to adapt and exceed consumer expectations, as demonstrated by the substantial growth in live-streamed events and online engagement. Notably, 41% of member feedback indicates a sentiment of expansion regarding the number of lots available, with the highest proportion surpassing their reserve prices.
“While the broader economy has experienced significant changes over the past year, and we are still navigating the aftermath of a turbulent twelve months, we are now well-positioned for sustained growth and stability as we enter 2025.”
Stuart Collar-Brown, NAVA Propertymark President, comments:
“The final quarter of the year saw much change within the auctioneering profession. The budget provided a raft of immediate and proposed updates regarding taxation, with aspects such as Stamp Duty on second homes and buy-to-let properties increasing as well as revisions regarding Capital Gains Tax coming into play; with increases from 20% to 24% at the higher rate and from 10% to 18% at the lower rate.
“October auction results saw a seismic reaction to market conditions in general, with extremely positive results. Overall lots offered saw an impressive jump of 34% and lots sold increased by 39%, when compared with October 2023.
“Overall revenue raised soared by an inspiring 47% to £558m by auctioneers across the UK. There has also been remarkable positivity within the chattels market, with a rare 18th-century Chinese vase discovered in a Shropshire attic selling for £1.2 million in November, far exceeding its £50,000 estimate.
“As we head into 2025, there is a strong feeling of positivity within the profession, with buyers and sellers appreciating the speed and certainty of auctions to meet their end-of-tax-year deadlines.”
