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) | â–¼ 5.9% |
| Lots sold | 2,626 (2,871) | â–¼ 8.5% |
| Percent sold | 72.0% (74.1%) | â–¼ 2.8% |
| Total raised | £390M (£426M) | â–¼ 8.4% |
| July 2016 to September 2016 | ||
| Lots offered | 8,471 (8,722) | â–¼ 2.9% |
| Lots sold | 6,145 (6,559) | â–¼ 6.3% |
| Percent sold | 72.0% (74.1%) | â–¼ 3.6% |
| Total raised | £956M (£1,079M) | â–¼ 11.4% |
| October 2015 to September 2015 | ||
| Lots offered | 33,737 (33,685) | â–² 0.2% |
| Lots sold | 25,636 (25,706) | â–¼ 0.3% |
| Percent sold | 76.0% (76.3%) | â–¼ 0.4% |
| Total raised | £4,656M (£4,313M) | â–² 8.0% |
Residential
Figures in brackets denote the comparative period last year
| September 2016 | ||
| Lots offered | 3,160 (3,345) | â–¼ 5.5% |
| Lots sold | 2,289 (2,495) | â–¼ 8.3% |
| Percent sold | 72.4% (74.6%) | â–¼ 2.9% |
| Total raised | £342M (£378M) | â–¼ 9.5% |
| July 2016 to September 2016 | ||
| Lots offered | 7,090 (7,317) | â–¼ 3.1% |
| Lots sold | 5,127 (5,503) | â–¼ 6.8% |
| Percent sold | 72.3% (75.2%) | â–¼ 3.9% |
| Total raised | £736M (£818M) | â–¼ 10.0% |
| October 2015 to September 2016 | ||
| Lots offered | 27,888 (27,138) | â–² 2.8% |
| Lots sold | 21,069 (20,571) | â–² 2.4% |
| Percent sold | 75.5% (75.8%) | â–¼ 0.4% |
| Total raised | £3,271M (£3,027M) | â–² 8.1% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| September 2016 | ||
| Lots offered | 487 (530) | â–¼ 8.1% |
| Lots sold | 337 (376) | â–¼ 10.4% |
| Percent sold | 69.2% (70.9%) | â–¼ 2.4% |
| Total raised | £48M (£48M) | â–² 0.2% |
| July 2016 to September 2016 | ||
| Lots offered | 1,381 (1,405) | â–¼ 1.7% |
| Lots sold | 1,018 (1,056) | â–¼ 3.6% |
| Percent sold | 73.7% (75.2%) | â–¼ 2.0% |
| Total raised | £220M (£261M) | â–¼ 15.9% |
| October 2015 to September 2016 | ||
| Lots offered | 5,849 (6,547) | â–¼ 10.7% |
| Lots sold | 4,567 (5,135) | â–¼ 11.1% |
| Percent sold | 78.1% (78.4%) | â–¼ 0.4% |
| Total raised | £1,385M (£1,286M) | â–² 7.7% |
Property auctioneer holding first ‘in room’ event since lockdown