Auction House has hit the ground running, with sales in January smashing expectations and eclipsing January 2024’s great results.
After the Christmas break, buyers were eager to put their property investment plans into action, especially given the tight time constraints created by this year’s upcoming change to Stamp Duty, which takes effect on the 1st April. This change will lower tax thresholds, including for first-time buyers, increasing the cost of buying and putting pressure on buyers to complete property purchases before this date.
Thankfully, the efficiency of auction sales means there’s still time to secure your next investment at the current rates.
January’s achievements
Over the course of the month, we held seven auctions nationwide and disposed of 122 properties, raising an impressive £11,729,249 on behalf of our clients. This is almost £1 million more than in January 2024, which is testament to the improved market sentiment and an early indicator of what is set to be a busy 2025.
Bidding frenzy
When a property catches bidders’ attention, it creates a hotbed of competition on auction day. One such property that thrived in January was 27 Eaves Lane. For sale in our national online auction at a guide price of £40,000 (plus fees), the property sparked a rush of bids. By the time the auction closed, the property had achieved a grand total of 61 bids, with the winning bid standing at £122,000.
Getting ahead of the game
Some properties are so desirable that offers are submitted prior to auction and a deal is done before auction day. Our most notable example of this in the last month is Stonfield Farmhouse and Cottage, a picturesque property on the Isle of Arran.
Due to be auctioned by Auction House Scotland in February, the property was successfully sold prior to auction after the vendors received an offer they couldn’t refuse.
Coming up
We’ve had a fantastic start to the year, but February is set to be even better. Despite being a short month, we will be hosting 21 auctions across the country, including our weekly national online auctions.
You can learn more by visiting our list of upcoming auction dates.
Alternatively, if you’d like to find out if your property is the right fit for auction, you can book a free, no-obligation valuation.
