Auctions Barometer: Q3 2024
August tends to be one of the quieter months in the auction calendar, however September’s figures demonstrated an extremely positive response, with a nearly 10% increase in lots offered and sold across the UK. As the economy continues to stabilise, it is fantastic to see members report strong demand and growth in performance.
Record-breaking auction celebrates the legacy of Eric Morecambe
A recent auction has sent waves of excitement through the world of memorabilia collectors, with items from the legendary British comedian Eric Morecambe achieving record-breaking prices and highlighting the pivotal role of professional auctioneers in accurately valuing, presenting and selling these unique cultural artefacts.
Extended Ivory Act regulations will take effect on 28 January 2025
Trading in ivory from the common hippopotamus, killer whale, narwhal and sperm whale will now be banned under The Ivory Act 2018 (Meaning of “Ivory” and Miscellaneous Amendments) Regulations 2025. The new legislation was originally laid in parliament in May 2023, under the previous UK Government, but implementation has been delayed due to a lack of parliamentary time.
Auctions are a buyer's friend in the dash to avoid Stamp Duty increases
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.
Auctions to help solve problem of vacant commercial properties
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.
Auctions Barometer: Q2 2024
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.
Stunning Fort sales highlight thriving auction market
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.
Auctions Barometer: Q1 2024
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.
High street auctions set to fill empty properties
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.
Auctions Barometer: Q4 2023
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.
Auctions Barometer: Q3 2023
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.
Property auction prospects for 2024
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.
President sees bright future for auctioneers
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.
Vacant properties are a blight on high streets
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.
Auctions Barometer: June 2023
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.
Five new species to be protected under Ivory Act extension
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.