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auction sector, catalogue numbers continued to grow substantially, although high numbers of properties continue to be withdrawn before auction.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sector, catalogue numbers have continued to grow substantially, although high numbers of properties continue to be withdrawn prior to auction.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.

There was a time when estate agents and auctioneers worked independently even though the aim was the same: to achieve the right price for a property and have a long list of satisfied buyers and sellers, however, the industry is now seeing a growing relationship develop with favourable outcomes.

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.

As the property market continues to experience changes and challenges, landlords are feeling the strain more than most, and with more EPC rating changes looming plus the continuing pressures around the cost of borrowing, it’s no wonder many feel worried about the future and even consider leaving the sector entirely.

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?

Agents have a range of options available to them for selling a property. Choosing the right one can have a huge impact on the price achieved, the satisfaction of buyers and sellers with the process, and the reputation of the agent.

The Ivory Prohibitions (Exemptions) (Process and Procedure) Regulation 2021 have been laid before Parliament and will allow persons to register items containing ivory for exemption from the eventual prohibition of ivory sales, subject to specific criteria.

According to the latest figures released by Essential Information Group (EIG), September saw a 15 per cent increase in the revenue from property auctions compared to statistics of the same period for 2020, signalling an increased appetite for auctions.