This report is based on responses to a survey of Propertymark member agents. Analysis is based on data provided by around 30 agents across the UK and a variety of third-party data including data from the Bank of England, ONS and HM Land Registry.
Q2 in the residential and commercial property auction sectors continued to see the return of confidence we saw in Q1. There has been a significant increase in the number of lots sold at residential auctions, and the amount raised compared to 2023. The same is true in the commercial property sector. Indications are that we could continue to see similarly strong figures for Q3.
In the chattels, fine arts and antiques sectors members report that good items continue to sell well and are achieving good prices. Overall, the first 2 quarters of the year have shown a strong demand from sellers with catalogue numbers high. Pricing, as always, is key to delivering the best result for the client.
Biggest issues facing Auctioneers and Valuers
A variety of themes emerged as the biggest issues members faced in Q2 2024. For example, some members reported staffing challenges including a lack of supply, high costs, and finding qualified staff. Several reported concerns regarding red tape, increasing legislation or legislative changes. There were specific concerns around the increasing burden associated with Anti-Money Laundering (AML) Regulations and AML awareness amongst buyers and non-regulated agents.
Members also provided interesting insights into changes in consumer behaviours:
