In the last 5.5 years, the world of property auctions has transformed in ways that even seasoned professionals didn’t anticipate. With the release of the first edition of our book, Before the Hammer Falls in 2019, we were entering an auction market that was dynamic but familiar—a landscape we had learned to master. Fast forward to today, and it’s almost unrecognisable. The pandemic, technological advances, and evolving market conditions have left an indelible mark on the auction world. In this article, we’ll walk you through the most significant changes we’ve seen, reflect on our personal and business growth, and offer insights through case studies and real-world examples.
The Disappearance of Auction Rooms
For those who have only entered the auction world in the last few years, you’ve missed the thrill of in-room auctions. The bustling energy, the auctioneer’s rapid-fire calls, and the sense of competition in a packed room. Pre-2020, these auctions were not just a place to buy and sell -they were an event. However, with the onset of the pandemic, auction rooms vanished almost overnight, and today, even if you wanted to attend in person, that option is no longer available.
The shift to online auctions has made bidding more convenient but less tangible. You no longer experience the tension of sitting alongside your competition. Instead, you now bid from the comfort of your home - or, as one of our clients did, from the middle of a snorkelling trip.
A client of ours, a seasoned property investor, found herself in an unusual situation while bidding on a commercial property in East Anglia. She was on holiday, enjoying a snorkelling trip in clear waters, when the auction for the property she had her eye on started.
Knowing she couldn’t miss this opportunity, she swam back to shore, pulled out her phone, and made a quick call to place her bid. After successfully securing the property, she returned to the water and continued her snorkelling adventure. The property, a commercial lot in East Anglia, was one she had meticulously researched. Despite being miles away from the auction room - both physically and metaphorically - she managed to win the auction without breaking her holiday stride.