There is now clear evidence of the pandemic’s impact on the auction market, according to Auction House, as the group sees an all-time high for the annual amount of money it has raised.
Figures from the property auctioneer indicate that compared to all of pre-Covid 2019, money raised in 2021 jumped by more than a third (37.9%) from £439,705,781 to more by £600m (£606,142,854) – an increase of £166.4m.
Meanwhile, analysis shows that a greater proportion of young people are accessing group services online. While consumption by the 55-64 age group fell by 19%, there was a 42% increase in the number of 25-34 year olds and an incredible 441% increase in the number of 18-24 year olds. year. -years get involved.
Jeremy Prior, Managing Director of the auction house, comments: “Without a doubt, the pandemic has created a seismic shift in the way the market functions, with impacts that will likely last forever. Lockdowns and social distancing meant we had to focus on a mix of live streams and online auctions, which itself boosted engagement from a younger demographic.
In December alone, Auction House offered 489 lots and sold 418 – a spectacular success rate of 85.5%, fetching £69,145,075 in the process.
Jeremy adds: “We were the only traditional, hardcore UK property auctioneer to successfully sell over 3,600 lots last year – a 9% increase on 2020 and a total which increased by over 35% from year-on-year – an increase of £158.8m.
“Looking into 2022, we expect the number of properties under the hammer to increase, particularly with the increase in distressed stocks hitting the market, as lenders continue to divest assets after a forced interval, now that the courts have reopened. .
“This is likely to bring more buyers into the market – especially from a younger demographic who will be bidding because they want transparency and certainty in the process and don’t want to be stuck in a chain, as still regularly happens in the world of over-the-counter sales.
“Even as restrictions lift in the coming months, we believe people have now experienced the ease and convenience of buying property through a live sale or online auction, they will want to continue doing so from the comfort of their home or workplace.
“Given all of this – and with a new and improved website later this year – we expect 2022 to be another spectacular year for Auction House!”