Property News

Auction market activity falls in September

Ryan - October 13, 2016

Latest figures provided by the Essential Information Group reveals that property auction market activity continued to slow during September.

The report shows that the volume of lots offered and lots sold both fell during the month, by 6% and 8.5% respectively. The overall amount raised also fell by 8.4%.

Falls

Alongside the falls seen in July, it is unsurprising to learn that the quarterly figures are also down on last year. Sales fell by 6% to 6,145 lots from the 6,559 recorded in Q3 of 2015.

Revenues are also down over 11% to £956m from £1,079bn.

David Sandeman of Essential Information Group observed: ‘It should be noted, however, that these falls are still dwarfed by the drops we saw back in 2008 and 2009, when double-digit decreases were evident almost every month.’[1]

Auction market activity falls in September

Auction market activity falls in September

September statistics

The figures below show how overall statistics for auction fared during September:

Auctions Held in the UK                                 181

Total Lots Offered                                       3,647

Total Lots Sold                                           2,626

Percent Sold                                                 72%

Total Realised                                  £390,373,625     [1]

Both residential and commercial property saw falls in lots offered during the last month. Residential instructions fell by 5.5% from 3,345 lots to 3,160. Commercial instructions fell by 8.1% from 530 lots to 487.

However, despite falling by around 10% in September, the residential amount raised by properties being purchased at auction is up 8% year-on-year.

[1] https://www.propertyinvestortoday.co.uk/breaking-news/2016/10/property-auction-market-activity-continues-to-contract