The UK property auction market has marked another robust month according to the Essential Information Group, which is seen as arguably the most authoritative voice for the auction industry in the UK.
David Sandeman, director of Essential Information Group, says: "The figures from September underscore the resilience and buoyancy of the UK property auction market. This consistent growth trend is indicative of a market that remains strong despite external uncertainties."
In the national overview the total lots offered reached 4,175, showing a 16.7 per cent increase from the corresponding period last year. Similarly, the lots sold saw a rise of 13.7 per cent, totalling 2,971.
However, the percentage sold - while slightly decreased from the previous year - remains robust at 71.2%. The market's overall realised value stands at over £572.9m.
Sandeman continues: "These numbers paint a picture of a property auction market that not only endures challenges but thrives in the face of them. The total raised is a testament to the market's unwavering strength in a wider turbulent property market."
The residential market steals the spotlight from the commercial, with a 20.8 per cent increase in lots offered and a 17.9 per cent rise in lots sold: the commercial sector saw single-digit falls for lots offered and lots sold.
The most newsworthy regional story is London, which faces a decline in both lots sold and total raised, suggesting a potential cooling in the capital's property market.
Sandeman concludes: "These insights provide stakeholders with valuable information for strategic decision-making. The data indicates a market that not only withstands challenges but presents opportunities for those who navigate it wisely."
More information on https://www.eigpropertyauctions.co.uk/news/newsletter/2023/october