The trend in the growth of the auction market reflects the rather challenging situation in the current real estate market, leading to an increasing number of sellers opting to sell their properties through auctions. Data from EIG Property Auctions shows a 51.5% increase in the number of residential properties auctioned.

According to Stuart Collar-Brown, a residential auctioneer at an auction house, they have noticed a significant surge in seller inquiries since the resumption of schools in early September.

There has been a noticeable shift in the market, with sellers feeling a greater sense of urgency, hoping to gain more security and certainty through the auction process. Particularly with expectations of interest rate hikes and the approaching holiday season, auctions are becoming more popular.

Before deciding whether to opt for auctions, sellers need to consider the market conditions and pricing strategy. If the market deems the price too high within 7-10 days of the property being listed, sellers may need to readjust the price to match market demand.

Therefore, if there are buyers willing to purchase the property at or close to the guide price, and are willing to exchange contracts immediately and pay a non-refundable 10% deposit, sellers should seriously consider accepting these offers.

If sellers don't accept at this point, based on the current indications from buyers, they might need to reduce the price by 10% or even more in three months.

It should be noted that the above is only general advice, and the specific situation may vary depending on the market and the characteristics of individual properties. Sellers are advised to consult professionals and assess their specific circumstances before making decisions. While the growing trend in the auction market provides an option, sellers still need to weigh the pros and cons and make decisions that align with their own interests.