Total funds raised at residential property auctions increased by 7.2% to £522m in October from £487m in the same month last year, according to national figures.
Data compiled by Essential Information Group showed that the number of residential lots auctioned increased by 2.6% year-on-year to 3,924.
However, only 2,677 residential sites were sold, the same as last October.
This means that the proportion of residential plots sold compared to those auctioned decreased slightly year-on-year, from nearly 70% to just over 68%.
Total funding raised for commercial land reached £90m, 27% higher than the £71m raised in October last year.
Overall, taking into account residential and commercial properties, property auction sales in October were up 9.7% on the same period last year to £612 million.
The total for the year to October rose 3.2% on the previous year to £5.7bn.
EIG’s David Sandeman said: “Across regions, rolling quarters exhibit complex patterns.
“The South West region was one of the strongest performing regions, with sales up 29.8%, while total financing across the Southeast counties grew steadily at 22.3%.
“Scotland also reported significant improvements in activity and values, particularly in the residential sector.
“Performance was weaker in the North East, with sales down 36% and totals down 32.3%, while in London, totals raised fell 6.5% despite higher stock levels.
“These changes reflect varying demand levels in different regions as well as changing local market conditions.
“Overall, the auction industry remains active, supported by rising inventory and selective but sustained buyer demand.
“While success rates have declined slightly, auctions continue to provide an efficient route to market, with both residential and commercial buyers participating where value and opportunity align.”
The National Association of Valuers and Auctioneers (NAVA) Propertymark said: “The auction market has once again shown that buyers are becoming increasingly discerning, particularly with interest rates remaining stable, the Autumn Budget approaching, and the widely anticipated stamp duty reform in England and Northern Ireland.
“That said, it is encouraging to see a continued upward trend since October 2024.
“With the cost of living remaining a key issue, many people continue to participate in commercial auctions to obtain a reliable income.
“These figures also reflect growing confidence in auctions as a fast and convenient route to selling properties, particularly as the Government prepares to reform the home buying and selling process.”
