Scott takes a look back at the property market in 2021

Auction gavel on auction key in 3D concept to illustrate online sales

Property auctions are now predominantly online - Credit: Getty Images/iStockphoto

Looking back to last Christmas and the start of 2021, I’m not sure that anyone could have predicted the year that we have experienced in the property industry. We commenced the year plunging back into lockdown, with schools and non-essential retailers closing their doors again. Fortunately for the property world, agents were allowed to continue operating with restrictions in place – such as wearing PPE for viewings – to keep the property industry open. 
 
The continued restrictions meant that buyers considering lifestyle changes, with the desire for more space and the new flexibility of home working, increased. With the addition of the Stamp Duty Holiday, which we expected originally to end in March was extended to June and then September, we saw buyer activity continue to grow. Thinking back, and looking back, over reports in late spring and early summer the property market was hot, with an increasing number of properties selling for over the asking price. This high buyer activity developed a trend in property sales ending up in a sealed bid situation due to the amount of demand. 
 
As we moved into autumn buyer activity, and prices, remained high. With a lack of property coming onto the market and demand continuing to outstrip supply, continuing the fast pace of the year. Moving toward Christmas we are now experiencing a typical quieter spell – however with good activity with sellers looking to market their assets and homes in the new year. 
 
247 Property Auctions – now in its second year – has seen continued growth (long may that continue!), providing weekly online auctions for which our private and corporate clients can sell their property and land. The need and trend for online auctions have grown rapidly. A service that was, for the main part, only available historically via the traditional ballroom style auction format. The property auction industry has adapted and developed over the last couple of years making the shift to predominately online. 
 
I, for one, am looking forward to 2022 and will be interested to see what’s in store for the property market over the year ahead. In the meantime, I’d like to wish you all a happy Christmas and a here’s to a bright and prosperous new year to all.