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Property auction market activity continues to contract

Property auction market activity continued to weaken in September, with the volume of lots offered and lots sold both falling by 6% and 8.5% respectively last month, whilst the overall amount raised fell by £36m - down 8.4%, the latest figures show.

When coupled with the falls witnessed in July, it is unsurprising to see that Q3 figures provided by the Essential Information Group (EIG) are also down on last year, with sales dropping by 6% to 6,145 lots from 6,559 in Q3 2015 and revenues down over 11% to £956m from £1.079bn.

“It should be noted, however, that these falls are still dwarfed by the drops we saw back in 2008 and 2009, when double-digit decreases were evident almost every month,” said David Sandeman at EIG. 

Overall Statistics September 2016

Auctions Held in the UK                                 181

Total Lots Offered                                       3,647

Total Lots Sold                                           2,626

Percent Sold                                                 72%

Total Realised                                  £390,373,625

National auction analysis

Both the residential and the commercial property sectors experienced falls in lots offered last month, with residential instructions dropping by 5.5% from 3,345 lots to 3,160 lots and commercial instructions dropping by 8.1% from 530 lots to 487 lots.

Whilst falling by around 10% in September and Q3, the residential amount raised remains up over 8% for the rolling year – October 2015 – September 2016 - and up 7.7% for the same period in the commercial market.

Total

Figures in brackets denote the comparative period last year


  September 2016  
Lots offered 3,647 (3,875) ▼ 5.9%
Lots sold 2,626 (2,871) ▼ 8.5%
Percent sold 72.0% (74.1%) ▼ 2.8%
Total raised £390M (£426M) ▼ 8.4%
  July 2016 to September 2016  
Lots offered 8,471 (8,722) ▼ 2.9%
Lots sold 6,145 (6,559) ▼ 6.3%
Percent sold 72.0% (74.1%) ▼ 3.6%
Total raised £956M (£1,079M) ▼ 11.4%
  October 2015 to September 2015  
Lots offered 33,737 (33,685) ▲ 0.2%
Lots sold 25,636 (25,706) ▼ 0.3%
Percent sold 76.0% (76.3%) ▼ 0.4%
Total raised £4,656M (£4,313M) ▲ 8.0%

 

Residential

Figures in brackets denote the comparative period last year


  September 2016  
Lots offered 3,160 (3,345) ▼ 5.5%
Lots sold 2,289 (2,495) ▼ 8.3%
Percent sold 72.4% (74.6%) ▼ 2.9%
Total raised £342M (£378M) ▼ 9.5%
  July 2016 to September 2016  
Lots offered 7,090 (7,317) ▼ 3.1%
Lots sold 5,127 (5,503) ▼ 6.8%
Percent sold 72.3% (75.2%) ▼ 3.9%
Total raised £736M (£818M) ▼ 10.0%
  October 2015 to September 2016  
Lots offered 27,888 (27,138) ▲ 2.8%
Lots sold 21,069 (20,571) ▲ 2.4%
Percent sold 75.5% (75.8%) ▼ 0.4%
Total raised £3,271M (£3,027M) ▲ 8.1%

Commercial

N.B. Figures in brackets denote the comparative period last year

  September 2016  
Lots offered 487 (530) ▼ 8.1%
Lots sold 337 (376) ▼ 10.4%
Percent sold 69.2% (70.9%) ▼ 2.4%
Total raised £48M (£48M) ▲ 0.2%
  July 2016 to September 2016  
Lots offered 1,381 (1,405) ▼ 1.7%
Lots sold 1,018 (1,056) ▼ 3.6%
Percent sold 73.7% (75.2%) ▼ 2.0%
Total raised £220M (£261M) ▼ 15.9%
  October 2015 to September 2016  
Lots offered 5,849 (6,547) ▼ 10.7%
Lots sold 4,567 (5,135) ▼ 11.1%
Percent sold 78.1% (78.4%) ▼ 0.4%
Total raised £1,385M (£1,286M) ▲ 7.7%
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