It’s been a bumper year for investment purchases at auctions.
Bond Wolfe’s auctions continued to grow in 2024 with total sales up 18.2% to £178,101,150.
Chief executive Gurpreet Bassi says: “We are very happy to be judged on our results, and the final figures for the year see growth in every metric.
“The standout total sales figure of £178,101,150 from our seven auctions is reflected in increases in our marketing reach and our results across the board.”
During 2024, Bond Wolfe offered 1,079 lots, a 12% increase on the 2023 figure of 963. The percentage sold also increased from 86% to 90% in 2024.
Bassi adds: “It’s impossible to say whether uncertainty caused by the General Election impacted our results, but we believe it may have been a two edged sword.
“Some investors will have looked to sell up to beat potential tax increases, while others will have been keen to add to their portfolio.
“Despite economic uncertainty and regular tax changes, rarely for the better, investors find a certain comfort in bricks and mortar, and our results continue to reflect this sentiment.”
Meanwhile Savills says its auctions have bagged a record £810m over 2024.
This is the highest amount raised in the company’s history and a 42% increase on 2023.
Robin Howeson, head of Savills auctions, said: “We are thrilled to have bought the hammer down on another record-breaking year for our auction business culminating in a total of £810m raised following our largest-ever December sale.
“These results are particularly phenomenal given the headwinds faced over the last 12 months, most notably the General Election and subsequent change in Government.
“[December’s] sale highlighted the buoyancy of the commercial and development markets, which accounted for nearly half of the day’s transactions.
“While the residential market showed slightly more hesitancy, we expect declining interest rates to boost sentiment in this sector in the new year.
“Over the year, we have brought over 3,3000 properties to the market across 16 auctions, which have been held across 25 individual days – a remarkable feat and a testament to the success of our online live-stream formula underpinned by the dedication and determination of our growing team.”
This article is taken from Property Investor Today