More million-pound homes sold at auction than ever before
The UK property market landscape has undergone a dramatic transformation, with online auctions transforming the way high-value properties are bought and sold.
The surge of million-pound properties being sold through online auction is due to savvy homeowners captialising on auctions’ unique benefits.
The latest market figures highlight the remarkable success of million-pound properties in online auctions. 2021 vs 2022 data reveals an astonishing 100% increase in the sale of million-pound properties*, with the trend particularly prominent in the South, where sellers have not only benefitted from a quick and secure sale but have gained a substantial profit too. A staggering 70% of properties sold in 2022 were at prices equal to or higher than their Reserve Price**.
In London, a 6-bedroom family home in the North of the city sold for £1.25 million, £50,000 over its Reserve Price. Similarly, a 4-bedroom terrace home in South East London sold for £1.16 million. A 3-bedroom terrace home in Shepherds Bush achieved an impressive sale of £1.12 million.
In other parts of the UK, this luxurious 6-bedroom estate home in Dartford sold for £1.2 million. Plus, this spacious 5-bedroom detached home boasting a landscaped garden was sold in Bristol for £1.25 million. In the North, a huge 10-bedroom property in Hull achieved a sale price of £1.15 million.
The number of premium properties sold through the Modern Method of Auction, valued at £500,000 and above, has increased by 68%* from 2021 to 2022. Online auction is experiencing phenomenal growth in the UK, as buyers and sellers bypass the traditional approach to property transactions, driven by lengthy completion periods averaging 150 days**. In contrast, the auction process offers a significantly shorter 56-day timeframe^, appealing to those seeking quicker and more secure sales.
Our Co-Founder Jamie Cooke commented on the competitiveness of online auctions and how it’s playing a pivotal role in elevating property prices, whilst simultaneously speeding up the sales process.
“Online auction is the modern way to buy and sell property. We can do everything online, so moving home shouldn’t be any different, and it’s not with auction. Estate Agents all over the UK are offering it, and the uptake from consumers is rocketing. We helped to sell 40% more properties via online auction last year than in 2021, and this February was our highest-selling month.
“Owners of all sorts of properties are benefitting from ditching the frustrations that often come with the more traditional method Private Treaty, and choosing the benefits that auction offers. Auction is giving people the power to move their way.”