Over 50,000 Britons have earned money from online auctions which added more than £3,000 to the value of the average British household, according to research published today.

"After the stellar house price inflation of the early 2000s, auction websites like eBay maybe the next big boost to consumers’ wealth," the Centre for Economics Business and Research (CEBR) said in its Monthly Economic Bulletin.

According to the report’s authors, government statisticians, "will find it difficult to track" the growing impact of online auction sites on the UK economy.

The CEBR estimates that over £4 billion of trading is likely to be conducted on eBay in the United Kingdom this year — equivalent to 1.3 per cent of total retail sales

Retail sales growth this year may be as much as 0.3 per cent higher than reported by government statisticians because of difficulties in recording internet trading. This will push up retail growth from an expected 2.1 per cent to 2.4 per cent in 2005, the CEBR added.

Mark Pragnell, managing director of the CEBR and one of the report’s authors, said: "Auction websites have helped create efficient markets where previously they didn’t work well or didn’t even exist.

"In the world of ‘eBay-nomics’, small niche traders can thrive with access to massive national — and often global — markets, while consumers are able to realise the value in the goods that they own but no longer need or want.

"Auction sites are increasing competition, widening consumers’ choice and helping keep down inflation — both online and on the high street.’

Laura Phaff, economist at the CEBR and another of the report’s authors, said: "With the arrival of auction sites like eBay, the owners of second-hand goods now have a mechanism for advertising, gauging the interest of buyers, and maximising price — as long as the website continues to attract plenty of traffic.

"The second-hand value of many goods has therefore gone up, increasing average household wealth.

"If people realise that they have sellable goods sitting in their cupboards, it ought to increase consumers’ confidence just like any other unexpected boost to wealth — such as a building society demutualisation windfall."

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