May 2023 set new records, with the auction house offering 707 lots and successfully selling 76% (537) of them. The sales generated a record-breaking £72.65 million, the highest ever total for the month.

Compared to 2022, year-to-date statistics reveal a surge in the number of lots offered, showing a growth of 29%, and properties sold increasing by 16%.

Auction House Scotland’s managing director Mandi Cooper said: “What these figures prove is the remarkable confidence buyers have in the medium to long term property market. Although this is not to say there aren’t current challenges. Further hikes in the base rate are almost inevitable and the market is pricing in even more expensive mortgage rates this year.

“We have also seen a marked reduction in numbers of registered bidders – dropping by at least 30% and in some parts of the country by even more. However, this means that those bidders still buying are serious and motivated (each of them hoping that there is now less competition) and have confidence in the future of the housing market.

“As in previous difficult times there appears to be a ‘ripple effect’ taking place, with the South of England initially experiencing more challenging market conditions, which we suspect may spread northwards over the coming months.”

However, Ms Cooper was keen to point out that in a tricky market, the advantages of auction over private treaty really make themselves evident.

She explained: “The competitive atmosphere in the sales room (both in-room and livestream) means that once a property has reached its reserve, a leading bidder is often reluctant to relinquish their position simply for the sake of one more bid. The psychology of auction means that for the few seconds that they’re ahead, the property feels like it’s theirs.

“Meanwhile, the under-bidder feels the pressure to move into the lead, which often may only be one more bid away. With the help of a good auctioneer, this can set up an ever-changing and dynamic process, all of which drives up the price for the seller.

“So, despite the best efforts of the doom-mongers out there, we continue to produce consistently impressive results, which – like this month – often beat previous records.”