Auctions Hammered as Lockdown Pushes Sales Online

The coronavirus lockdown has hammered the number of homes going to auction.

Although buyers have spent £100 million on homes, the number of properties going to auction dropped by more than 40% and the money raised collapsed by nearly half. 

UK auction data from EIG Group shows that 775 out of 1,153 lots available in April 2020 were sold.

“April saw a number of auctions held and indeed a great deal of stock sold. The number of lots offered was down 43% and amount raised down 56%,” said EIG director David Sandeman. 

“Against the backdrop of all the auction teams having to work from home, viewings virtually impossible or at the very least difficult, I feel the results are a credit to the industry. 

“More importantly virtually every auction house now has at least one or two auctions behind them in the lockdown. “The number lots offered and sold will gradually move up as committed vendors and buyers can trade in the open and practical property auction market using auctions that are either ‘live streamed’ from an auction room with all bids coming in remotely, or in a totally online auction environment.”

Homes sold at auction April 2020

The figures in brackets refer to the comparative period last year

Source EIG Group