Following a successful year for the Auction House Sussex team, we’re reflecting on how the market has changed in the last year and looking ahead to 2019 at what developments we could expect to see within the property auction market.
Commercial auction market continues to be strong
As we predicted at the end of 2017, the commercial success at auction continued throughout 2018 and we saw good interest in a variety of commercial lots across Sussex. We’re expecting to see an increase in different types of buyer coming to auction this year, with investors looking to diversify their portfolio with more commercial property.
Increased competition makes for an interesting market
We’d also envisioned the property auction market hotting up in terms of competition throughout 2018, with more first-time buyers trying their hand at bagging a property at auction. We have seen an increase in the diversity of lots coming to market, extending to more substantial properties, high-end lots and a variety of commercial properties.
Will developments in proptech make online auctions mainstream?
As proptech looks set to transform the way we buy and sell property, we’re expecting to see an uptake in online auctions this year. Although not quite new to the market, they have been largely niche until now. 2018 saw the launch of the first Artificial Intelligence-led (AI) online auction, bringing advantages of speed and certainty, using advanced technology to enable legally binding offers to be submitted.
Where the live auction process can sometimes feel confusing in the heat of the moment, the online process helps to ensure no unwelcome surprises; we’re predicting that the arrival of proptech within a mainstream market will help to boost trust in buying property at auction for those that had previously been too cautious.
Our next auction is coming up on Thursday 7th February 2019 and you can view the auction catalogue here. If you have any questions about the process of auction, or would like to discuss some of the available lots, please get in touch with the team here.