Welcome to the December newsletter that looks back at auction activity in November and preceding periods.
Overall lots offered was down 7.6% last month, from 2,341 lots to 2,163 lots, whilst lots sold fell over 10% to 1,591 lots from 1,774 in November 2015. Despite the dip in sales, auctioneers saw revenues increase by 2%, from £272M to £277M.
These results are indicative of the market's form over the last 6-9 months, and are perhaps unsurprising given that the economic and political backdrop has changed markedly during this period. It would be a brave man to predict what the future holds in 2017, but one can be sure that auctions will continue to provide a quick, transparent and effective means of buying and selling property.
Overall Statistics November 2016
Auctions Held in the UK - 118
Total Lots Offered - 2,163
Total Lots Sold - 1,591
Percent Sold - 73.6%
Total Realised - £277,370,001
National Auction Analysis
The residential auction sector saw a marginal fall in lots offered last month, from 1,990 to 1,969 lots (down 1.1%). Lots sold fell from 1,508 to 1,437 lots (down 4.7%) but encouragingly residential revenues were up 7%, from £239M to £255M. The rolling quarterly figures show falls in all 4 metrics measured and highlight the recent dip seen throughout the industry.
Commercial figures have fluctuated vastly over the last few months, and following gains made in lots offered and lots sold in October the figures below show double-digit falls for the same metrics during November. However, no London commercial auction houses held an auction during November, meaning that the numbers are solely made up of commercial lots offered by residential auctioneers and therefore one shouldn't read too much into the drop. Next month's newsletter, released in early January, will provide a more accurate barometer of the health of the market.
A word from the editor: May I take this opportunity to wish you all a peaceful holiday and a prosperous new year.
As always I appreciate any feedback or suggestions you might have on our services and newsletters.
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By Beth Fox