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Going Going Gone! Agents say more buyers look to online auctions

Propertymark says more buyers are now looking at online auctions, making this a more viable route to sale than before.

The latest Essential Information Group report on the sector suggests that in September there was a 15 per cent rise in the amount raised from property auctions compared to a year ago, and Propertymark believes that this is from the increased appetite from people of all ages taking to auctions.

The trade body says that many businesses were pushed to bring their services online during the pandemic, including auctioneers, and this has opened the auction world to a much wider audience - for example, younger buyers, busy parents and home improvers who are more familiar with online involvement with a wide range of activities.

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Paul Bridgeman, NAVA Propertymark president and regional director at Clive Emson Auctioneers comments: “It is safe to say that interest from sellers and attendance at property auctions has grown over the course of the pandemic and remains just as strong now.

“A key part to play in September’s huge sale figures was in part due to the run up to the end of the stamp duty holiday in which house sellers were looking for a quick sale and auctions were able to provide that. As soon as a property is sold, the exchange on that property is instant, so sellers were offered the reassurance of meeting the stamp duty relief deadline.

“The pandemic has opened consumers eyes to the world of auctioneering and I’m sure the profession will continue to see a large up taking.”

As an increasing amount of people become aware of what auctions are all about, coupled with the government’s extension to the apprenticeship levy, Bridgman says opportunities are presenting themselves for employers to work to get fresh blood into the industry.

In March 2022, Propertymark will publicise novice auctioneers at its auctioneer of the year awards event which looks to bring like-minded professionals and newcomer auctioneers together to celebrate the successes of the industry.

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