Property selling at auctions remaining strong

Total residential auction receipts totaled £213.3m up 3.1% on April 2015

The number of residential lots sold last month fell marginally by 1.4%, owed in part to a 1.8% decline in the volume of lots offered for sale, and yet residential auction receipts totaled £213.3m – up 3.1% on April 2015 according to official figures from Essential Information Group (EIG)

“The recent changes to the stamp duty land tax payable on buy-to-let and second homes has not had the detrimental effect on the auction market that some people may have feared,” said David Sandeman, managing director EIG.

“It was very much business as usual in the auction market.”

Sandeman continued: “Given that 141 fewer lots sold it is not surprising to see a drop in commercial receipts – down 18.6% to £28.9m, but whilst these numbers are down it should be noted that none of the major London commercial auction houses held an auction in April so the drop is entirely due to variations in the stock offered by regional auctioneers.”

Overall, 139 property auctions were held across the UK in April, with 2,462 lots going under the hammer – down 8.1% on last year. Lots sold fell by a similar amount, from 1,965 to 1,802 lots, whilst the amount raised was comparable at £242.2m.

“The rolling quarterly figures show growth of 5% in lots offered and lot sold, and a huge 23% gain in the amount raised compared with the same period last year – over £250m in real terms,” Sandeman added.

Written by: Houseladder