Auction activity down in traditionally busy summer pe...

Property auction activity was down in July, which is usually a busy time for the industry, according to the Essential Information Group (EIG).

Across the UK, the number of lots fell by 6% when compared with July 2015, while 11% fewer lots sold and the total amount raised was down 17%.

The number of lots offered in the residential auction sector was down 7%, with £326 million raised – down from £348 million the previous year.

Last month, the number of lots sold was down 13%, while the success rate dipped from 76% to 72% in the last 12 months.

In the commercial sector, there were more lots offered (803) than in July 2015 (797), however the number of lots sold was down by 3%.

The percentage sold dropped from 78% to 75% when compared with last year, while the total raised dropped significantly from £208 million in July 2015 to £164 million last month.

In July, the highest total raised at auction was in London at £278 million, down by 17%.

The lowest total raised was in Northern Ireland - £9 million – down from £12 million in July 2015.

The highest number of lots offered was in the North West (1,485), up by 3% on last year's figure, while 287 was the lowest number of lots offered last month, recorded in Scotland.

The North West also clocked up the highest number of lots sold last month (1073), with Northern Ireland recording the lowest figure at 120 – down 28%.

East Anglia recorded the highest success rate at an impressive 83%, up by 4% in the last year. The lowest proportion of lots sold was in Northern Ireland at just 42%, down by almost a third when compared to July 2015.

"July is typically one of the busiest months of the year in the auction calendar," writes David Sandeman in his monthly newsletter.

"These numbers exemplify the state of the market post-Brexit, and whilst the Bank of England attempts to stimulate the economy with a 0.25% interest rate cut I suspect that it maybe a little time before this has an effect on the property market."

You can see the full set of figures for July on EIG's new website here.