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
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