NAVA Propertymark   – Mortgage Strategy

Over half of NAVA Propertymark auction members said the number of lots coming under the hammer lifted in the first three months of the year.  

The trade body says 58% of auction-goers said available lots rose across all auction types compared to the previous quarter, in its Q1 Auctions Barometer.  

Members also reported that 39% of lots beat their reserve prices over the same period.  

The body points out that 68% of auctioneers prefer to hold online sales, 32% prefer in-person ‘ballroom’ events, while 26% would opt to livestream their auctions.   

The majority of its auctions held around the country cover residential and commercial property, but also includes sales of fine art, antiques and cars.  

NAVA Propertymark president Richard Worrall says: “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. Results from early sales this year show a strong appetite for well-priced properties of all types with buyers out in force for good quality properties.”  

Worrall points out that members are battling rising costs and are “working hard to manage the expectations of buyers and sellers and secure new lots”.  

But he adds: “Overall, our members are cautiously optimistic about the remaining 2024 outlook.”