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Choosing to sell properties by chain-free auction can avoid lengthy and uncertain buying procedures and save buyers time and money ahead of the Stamp Duty Land Tax increases in April 2025.
Regulations come into force on 2 December 2024 which will allow local authorities in England to auction off the leases of persistently empty high street shops. The UK Government states that the scheme will breathe life back into town centres and drive local growth and opportunities. Propertymark welcomes the move, but we would like to see more detail on which areas will benefit the most, how the powers will be funded, and how they will be used in practice by councils.
The auction sector is buoyant with 38% of agents reporting increased lot numbers in Q2 2024. Despite this positivity, challenges remain. The economic outlook remains mixed; our members are concerned about the cost of doing business. Positively, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate.
The sale of two historic sea island forts, each auctioned for significantly more than their initial asking prices, demonstrates that sale by auction is becoming increasingly popular for all kinds of property.