January was an extremely quiet month in the property auctions market with just 408 lots offered in 15 auctions held across the UK.
Whilst this was down 17% on last year, David Sandeman, managing director at Essential Information Group (EIG) points out that we cannot draw any meaningful conclusions due to the smaller-than-average sample set.
“Instead it will be all eyes on next month’s publication to see if the industry can pick up where it left off in December when auction records were sent tumbling,” he said.
| Overall Statistics January 2017 | |
|---|---|
| Auctions Held in the UK | 15 |
| Total Lots Offered | 408 |
| Total Lots Sold | 315 |
| Percent Sold | 77.2% |
| Total Realised | £31,006,177 |
Only 15 out of the 408 lots offered last month were commercial lots, with 12 units selling under the hammer raising around£1m, and none of these were offered by any of the London commercial auctioneers.
The rolling quarterly and rolling yearly statistics show commercial sales were down 7.3% and 8.6% respectively, however the amount raised grew by 9% in both periods indicating that larger lot sizes have been on the rise.
Of the 393 residential lots that went under the hammer, 303 lots sold – 77% sales success – with a total value of £30m. The rolling quarterly and yearly figures remain largely positive, with lots offered up 4% in both periods and small increases in lots sold.
UK property prices grow at half rate of savings accounts…