Big Profits for Homes Under the Hammer Buyers
Buying a home to rent from an auction can make profitable investment sense for landlords.
The average cost of buying a home under the hammer was £176,574 last year - more than £110,000 less than buying from an estate agent and up £8,167 from the year before.
Even though the average price of an auction lot was up 15.7 per cent in 2024, the average price of a UK home grew by 3 per cent to £290,000, according to the latest data from the Land Registry.
EI Group collates sales figures from UK property auctions, and here are the comparisons for 2023 and 2024 for all residential and commercial property:
| 2024 | 2023 | Change | |
|---|---|---|---|
| Lots offered | 39,468 | 36,002 | +9.6% |
| Lots sold | 28,092 | 25,214 | +11.4% |
| Percentage sold | 71.2% | 70.0% | +1.7% |
| Total sales value | £5,506.1m | £4,760.1m | +15.7% |
Source: EI Group
Meanwhile, average UK house prices were up 3 per cent in 2024 to £290,000 after ending 2023 at £285,000, says the Land Registry.
The statistics for homes sold at auction are:
| 2024 | 2023 | Change | |
|---|---|---|---|
| Lots offered | 34,856 | 31,549 | +10.5% |
| Lots sold | 24,892 | 22,116 | +12.6% |
| Percentage sold | 71.4% | 70.1% | +1.9% |
| Total sales value | £4,395.3m | £3,724.5m | +18.0% |
Source: EI Group
EI Group spokesman David Sandeman said: “The year ended on a high, achieving growth in 11 of the 12 key metrics. The residential sector performed exceptionally well, with significant increases in lots offered, lots sold, and total revenue raised.”
Bargain Homes on Offer
Bargain homes for sale in upcoming auctions include a spectacular 11-bedroomed house with nine bathrooms in Barmouth, North Wales.
The multi-storey property sits on the town’s promenade with sea views and lies only a few hundred yards from the town centre.
The home, which has a guide price of £280,000, will be offered for sale at All Wales Auction between January 30 and February 6 unless sold or withdrawn by William and Goodwin Estate Agents.
At the other end of the price scale, a boarded-up seven-bedroom home in Bromley, South East London, is for sale with auctioneers Allsop priced at £1.05 million.
The 4,300-square-foot Croydon Road property needs a complete renovation. Suggested uses include conversion into several self-contained flats.
For viewings and auction dates, contact Allsop.
Find a Home Going to Auction
Several websites list homes for auction, including property portals like Rightmove and Zoopla.
AuctionIQ has a comprehensive listing of thousands of property auction lots, which is updated regularly.
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