Investment activity in residential property across the UK continued to perform well despite the political uncertainty from a snap general election.
Some to 2,422 lots were sold last month, up 2% compared with May 2016, representing a rather healthy 75.7% sale rate, according to the latest figures provided by the Essential Information Group (EIG).
Despite the unexpected news of a hung parliament, EIG’s managing director, David Sandeman, said that he was “pleased to report on a set of auction results that are largely strong and stable!”
The residential sector performed extremely well last month, with lots offered up almost 5% to 2,560 lots and lots sold up almost 10% to 1,945 lots. The amount realised from residential sales totalled £338m, up £27m, or 8.9%, from the £311m raised in May 2016.
The rolling quarterly figures provided by EIG, which had shown double-digit falls in April, now show only marginal falls in lots offered and sold and positive growth in both the sale rate - up 1.6% to 75%, while the amount raised as up 0.6% to £808m.
But while demand for residential property has increased, the commercial sector endured a challenging month, with lots offered and sold falling by 15% and 20% respectively and the amount raised dropping by 16% to £179m.
“One hopes that this was merely a blip in what has otherwise been a reasonably steady year to date for commercial auctions,” Sandeman concluded.
Overall Statistics May 2017
Auctions Held in the UK 130
Total Lots Offered 3,199
Total Lots Sold 2,422
Percent Sold 75.7%
Total Realised £517,003,228