Online property auctions surge as buyers embrace transparency and speed

The way homes and commercial premises are being sold across the UK is changing rapidly, with online auctions now eclipsing traditional in-room events, one firm says.

Figures from Essential Information Group reveal that 33,448 sales were conducted digitally last year, compared with just 3,976 taking place in person.

In the first half of this year alone, 18,707 properties went under the hammer online, signalling another record-breaking year.

Before the pandemic in 2019, fewer than 1,500 online sales were recorded, with no livestreamed events at all.

Growth in online property auctions

Scott Hendry, the 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.”

He added: “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.”

Digital bidding welcomed

Auction platforms such as Pugh, part of the Eddisons Auction Group, have reported surging participation as buyers and sellers embrace the convenience, pace and openness of digital bidding.

A livestream event includes a broadcast feed of an auctioneer in action, while purely online sales take place without video.

Andy Thompson, a director of Eddisons, says that buyers, which includes international investors, are entering the UK’s property market through livestreamed auctions.

He adds that features such as virtual tours and the development of AI have also increased interest.

Mr 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.”