UK property auction sale rates ‘remain consistently healthy’

The number of lots offered increased by one solitary instruction, to 2,663 lots, whilst there were 14 fewer lots sold – down 0.7% to 1,947 lots. The total amount raised fell 3.7% to £267m, down £10m from June 2016.

The UK property auction market saw very little change in terms of overall performance in June, despite the fact that only 126 auctions were held across the UK last month, 18 fewer than the corresponding month last year, according to the latest report from the Essential Information Group (EIG).

The rolling quarterly and yearly figures show small falls in lots offered, lots sold and amount raised, but sale rates remain consistently healthy at around 76% indicating that demand remains high for keenly priced lots.

Overall Statistics June 2017
Auctions Held in the UK 126
Total Lots Offered 2,663
Total Lots Sold 1,947
Percent Sold 73.1%
Total Realised £266,830,790

The EIG’s managing director, David Sandeman, said: “The residential market saw a small increase in lots offered last month, up 1.5% to 2,317 lots, whilst lots sold fell by 0.6% to 1,684 lots. The rolling quarterly figures show minor fluctuations, but overall the sector’s recent results have been largely comparable to those recorded last year.

“In the commercial market, lots offered and sold fell by 9% and 1.5% respectively last month, whilst the amount raised dropped by £1m to £33m. However, none of the major commercial auctioneers held an auction in June so you can’t read too much into these figures, as they will be predominantly made up of commercial lots offered by residential auctioneers.

“Having witnessed commercial lot volumes increase throughout the first quarter of 2017, it is slightly surprising to see those trends reversed in the second quarter, with lots offered and sold down 10% on Q2 2016.

“One contributing factor could have been the furore surrounding the general election; from the unexpected announcement in April through to the extraordinary conclusion of a hung parliament on June 9th. Now the dust has settled one hopes that the market strengthens again through the second half of the year.”

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