A record number of people are buying properties via online auction, the number of which now dwarf in-person auctions.
Some 33,448 auctions were held digitally – either livestreamed or online in 2024 – compared to just 3,976 in-room auctions.
This is according to figures provided by auction finance provider Essential Information Group (EIG) to Manchester-based lender Together.
Scott Hendry, director of auction finance at Together, said: “There has been an astounding growth in online activity since Covid, making buying property at auctions more accessible for bidders who may not to be physically in the room. We’ve seen a 181% rise in our auction finance lending in 2024 compared to 2019, which really highlights what a success story auctions have been in a property market which has proved volatile in the past few years.
“There’s been a shift in the culture because of the increasing use of online auctions, with a more diverse make-up of people buying property through this channel nowadays. It was once only seasoned property buyers who would pitch up in an auction room, and this could be quite intimidating for anyone new to the room.
“Now the convenience of bidding online or at a livestreamed auction means that people such as younger first-time buyers or property investors and developers can take advantage of the digital transformation and bid on a par with experienced property professionals, which has undoubtedly re-shaped the market.”
Auction platforms such as Pugh, part of Eddisons Auction Group, has reported record engagement, with buyers and sellers embracing the transparency, speed and convenience of digital bidding.
Andy Thompson, director of Eddisons Auction Group, based in Deansgate, Manchester, said buyers – including international investors – were entering the UK market through livestreamed auctions. Features such as virtual tours and the development of AI had also increased interest, he said.
Thompson said: “Online and livestreamed auctions are transforming how people buy property, attracting everyone from first-time investors to established international buyers. Innovations like virtual tours and AI-powered legal-pack summarisation are making the process clearer and more efficient, while the speed and certainty of the auction model continue to appeal across the market.
This combination of technology and transparency is helping to build greater confidence among buyers and sellers alike, reinforcing auctions as one of the most dynamic and reliable routes to transact in today’s property market.”
