Covid transforms Scottish property auction market

Auction House Scotland has said there is now clear evidence of the impact that the global Coronavirus pandemic has had on the auction market, as the group sees an all-time record for the annual amount of money it has raised, as well as a dramatic shift in its website demographic. Figures from the auctioneer indicate that compared to the whole of pre-Covid 2019, money raised in 2021 jumped by over a third (37.9%) from £439,705,781 to over £600m (£606,142,854) – an increase of £166.4m. Meanwhile, analysis shows that not only does the Auction House website have more users (from 1.6m in 2019 to 2.4m now), a greater proportion of younger people are accessing the group’s services online. Whilst use by the 55-64 year old age group has dropped by 19%, there has been a 42% increase in the number of 25-34 year olds and an incredible 441% increase in the amount of 18-24 year olds getting involved.

Scottish Business News