Investment in UK residential property at auction continues to perform well, despite the political uncertainty generated by the snap General Election.
That is the synopsis provided by the latest figures provided by the Essential Information Group.
Data from the report indicates that 2,422 lots were sold during the last month, up by 2% in comparison to May 2016. This represented a healthy sales rate of 75.7%.
Despite the result of the Election, EIG’s MD David Sandeman said that he was pleased to report on results that were, ‘largely strong and stable.’
Overall, the residential sector performed well during the last month, with lots offered up by almost 5% to stand at 2,560. Lots sold also rose by nearly 10% to stand at 1,945 lots.
Amounts realised from residential sales hit £338m, up by £27m, or 8.9% from the £311 seen in May 2016.
These rolling quarterly figures given by EIG, which had recorded double-digit declines in April, now show only small falls in lots both offered and sold.
UK auction market remains stable
While demand for residential property increased during the month, the commercial sector faced a rather more challenging month. Lots offered and sold fell by 15% and 20% respectively, with the amount raised sliding by 16% to £179m.
The overall statistics for May were:
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
Concluding, Mr Sandeman said: ‘One hopes that this was merely a blip in what has otherwise been a reasonably steady year to date for commercial auctions.’