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.

2024 has started well. In the Residential and Commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates. Catalogue numbers remain strong and registered bidder levels are also high. Our Fine Art and Chattels members report that 2024 has started buoyantly with plenty of bidders keen to get out of the blocks and acquire lots at all price levels and across all fields of collecting and furnishing.

The UK Government has announced that new powers to enable local authorities in England to regenerate high streets and fill empty shops will be in place by summer 2024. 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.

For the last quarter of 2023 in the property auction sector, catalogue numbers continued to grow substantially, although high numbers of properties continue to be withdrawn before auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors. In the goods, chattels, and fine art sector there continues to be a plentiful supply of buyers to create competitive open market bidding in all sectors.

Despite inflation moving in the right direction, economic uncertainty continues to affect auction markets and beyond with many members expressing concerns. In the property auction sector, catalogue numbers have continued to grow substantially, although high numbers of properties continue to be withdrawn prior to auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors.

Richard Worrall, NAVA Propertymark President, who has been involved with property sales for almost 38 years looks back at 2023 and shares what valuers and auctioneers should look out for over the coming 12 months.

Richard Worrall, the newly appointed President of NAVA Propertymark, shares his vision for the auctions division, outlining his ambition to help grow the membership fuelled by his drive and determination to make a difference.

Responding to the Department for Levelling Up, Housing and Communities (DLUHC) consultation on High Street Rental Auctions (HSRA), Propertymark states empty properties can become magnets for anti-social behaviour and vandalism, impact a location’s economic performance as well as impact positive footfall risking the viability of other businesses nearby resulting in threats to job opportunities.

Our latest report has revealed that online auctions, particularly non-live formats, have gained popularity and surpassed traditional ballroom auctions, indicating a potential long-term shift away from in-person auctions.

Hippopotamus, walrus, narwhal, killer whale (orca) and sperm whale will receive greater legal protections under the UK’s world-leading ban on importing, exporting and dealing in items containing ivory.

The very first NAVA Propertymark member report outlines what’s going on for the sector and, as expected, it shows members are struggling with the decision to return to in-person auctions or to remain online.

Chancellor Jeremy Hunt announced in his Autumn Statement in 2022 that the current Capital Gains Tax allowance of £12,300 is being halved to £6,000 from April 2023 and then cut again to £3,000 from April 2024. That could mean an increased tax bill for many property owners planning to sell in 2023, but what can be done to avoid it?