Five Years On: How Online Auctions Reshaped the Commercial Real Estate Auction Market

Five years ago, the UK came to an abrupt halt. On 23rd March 2020, the government’s lockdown order shut down physical spaces—including the traditional auction room, our marketplace. Like many, we had no choice but to adapt quickly. But we were ready.

Thanks to over £1 million invested pre-COVID into our bespoke Auction Management System, supported by EIG technology, we transitioned seamlessly. Since then, our commercial auction model hasn’t just survived—it has thrived in a turbulent market.

The Move to Online:

Since moving online, we’ve increased the frequency of our commercial auctions from six to eight per year. This added flexibility has allowed us to support clients through changing market conditions, while maintaining the speed, certainty, and transparency that define auctions.

As a team, we are persistent. We get deals done—whether before, on the day, or after the auction. Regardless, our tenacity and the strength of our unconditional auction contract consistently deliver results.

From March 2020 to July 2025, we have:

• Raised over £2.725 billion
• Sold 3,700+ commercial lots
• Maintained a success rate exceeding 90%
• Achieved an average lot value of £725,000
• Sold 792 lots over £1 million, with an average of £1.874 million each
• Sold our largest online lot for £10.8 million (Pall Mall, 2024)

Our top 50 largest online sales alone have generated more than £236.3 million—averaging £4.72 million per lot. This proves that private investors are confident transacting high-value assets entirely online.

Why the Online Auction Model Works

What began as a necessity has revealed clear long-term benefits:

• Unconditional Sales: Common Auction Conditions ensure certainty and clarity.
• Reduced Costs: Lower entry costs for sellers without the overheads of a ballroom venue or printed catalogues.
• Faster Turnaround: Quicker lot preparation and flexible scheduling.
• Transparent Bidding: Real-time data and competitive pricing driven by visible buyer interest.
• Wider Reach: Participation from a global audience, from London to international investors.
• Robust Compliance: Streamlined AML checks safeguard the integrity of the unconditional contract—without slowing down the process.

What was Missing?

Of course, something was lost—the buzz of the ballroom and the familiar faces. Auctions once brought buyers, sellers, and agents together under one roof. But today’s investors are time-conscious, price-sensitive, and increasingly digital-first.

Personal connections haven’t disappeared—they’ve simply shifted. That’s why we focus more on building relationships outside of auction day: more meetings, more coffees, more face-to-face conversations. Property is still about relationships—and trust is still built offline.

A Changing Market Landscape

The wider auction market has grown by 45% since 2019, reaching £5.95 billion in 2024. This growth has been driven primarily by residential auctions, now accounting for 80% of the total value raised. Commercial volumes have remained relatively stable, though they now represent just 20% of total value or 12% of all commercial lots sold - down from 30% and 20%, respectively, in 2019. (Source: EIG)

Despite these shifts, Allsop remains the market leader in commercial auctions—offering scale, experience, and execution capabilities few can match, thanks in large part to the longevity and expertise of our team.

What could be next?

Flexibility and adaptability are key in any business because no one can see the future. Whether an auction is held online, live-streamed, or in a ballroom, the experience of the past five years has shown us it’s a very resilient method of sale, with the virtues of speed, efficiency, transparency and certainty at its core regardless of the format used.  

It's important to remember that results are what matter most, and obtaining good advice with regard to marketing strategy and pricing, based on real time market knowledge and experience, is essential when it comes to achieving the right result.    

In an ever-changing world our unwavering commitment to maintaining the highest level of service whilst delivering sales in good time and at the very best prices for our clients, remains resolutely the same.