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TODAY'S OTHER NEWS

Auction round-up December 2015

As 2015 draws to a close, the Essential Information Group (EIG) has published its latest figures covering the whole of the property auction market.

EIG reports that in November there were 1,990 lots of residential property offered for auction in the UK, an increase of over 15% when compared to last November.

What's more, the total raised at residential property auction during November 2015 was £238,582,399, some 65% higher than the total raised during the same period last year.

Over 75% of all residential property lots offered for auction during November were sold, compared to just over 71% in November 2014.

On a regional basis, the highest number of lots offered between September and November was in the North West at 1,298, while the fewest residential property lots were offered in Northern Ireland (176).

Property auctions in London raised a combined total of over £240 million in the three months to the end of November – the highest value recorded across the whole of the UK.

The highest percentage of lots sold in the past three months was in the North West Home Counties, where 82.7% of all residential property lots offered were sold.

The lowest proportion of lots sold between September and November was recorded in Northern Ireland at 59.1%.

“I am pleased to sign off with a positive set of results, as overall lots offered and lots sold were both up...whilst the total raised at auction grew significantly on November 2014,” writes David Sandeman, managing director of EIG, in his latest newsletter.

“This time last year I reported on the Autumn budget in which the Chancellor announced an overhaul of the stamp-duty system. In his recent Autumn statement he made further, more consequential changes, with a decision to increase stamp duty for buy-to-let and second home purchases from April 2016 with a 3% surcharge being added on to all existing rates.” 

“This could have a knock-on effect in the property market, as many investors will surely look to buy before the new rates come into effect and this could drive prices upwards in the short-term,” he writes.

A number of individual auction houses have published the results of their latest auctions. Romans' final auction of the year took place in Reading and the auctioneer achieved a success rate of 100% as all lots were sold on the day.

The highlight of the event was a building plot which sold for £1 million, £200,000 higher than its initial guide price.

“We have experienced a fantastic year with 86% of all lots selling at our auctions, and this was a fitting finale. All of the lots sold and a majority went for significantly higher prices than their reserves,” said Simon Clayton, Romans’ Auctions Director.

Romans' first auction of 2016 takes place on February 24 and lots are already being invited.

Meanwhile, Network Auctions achieved the second best auction result in the organisation's history, selling 93% of all lots at its December sale.

The highlight of the day was lot 26 – a bungalow in Christchurch, Dorset which sold for £585,000, £205,000 over the guide price.

“With sales well in excess of £30 million in 2015, it has been a great year for Network Auctions and we were also voted auction house of the year by the National Association of Valuers and Auctioneers,” commented managing director of Network Auctions, Toby Limbrick.

The auction house has eleven sales planned for 2016 – six in the capital and five in Birmingham – with lots already being invited for the first sale of the year, taking place on February 25.

Last week Auction House reported that it was the first auctioneer to pass the 3,000 sold lots milestone this year.

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