Auction News - EIG Newsletter Nov 2018

Industry News

Auction News - EIG Newsletter Nov 2018

14 November 2018

 

Essential Auction News

Welcome to the November newsletter that looks back at auction activity in October and preceding periods

Once again we see numbers down on last year, with lots offered down 5.6% in October to 3,437 lots and lots sold down 8.6% to 2,487 lots. The total amount raised has also been declining in recent times, with recorded falls of £97M, £167M and £477M in the last month, 3 months and 12 months respectively. A glance through the regional results shows that all but 1 of the 13 regions has seen a fall in auction sales in the last 3 months, when compared to the same period last year. Whilst most auctioneers are still maintaining sale rates between 70-75%, there is no denying that the entire property market is feeling the squeeze, as reading press reports it would suggest that the private treaty market is in the same place.
 

Overall Statistics - October 2018

Auctions Held in the UK     117
Total Lots Offered               3,437 
Total Lots Sold                     2,487
Percent Sold                         72.4%
Total Realised                      £481,252,178 

National Auction Analysis

The residential market saw lots offered fall from 2,788 lots in October 17 to 2,687 lots in October 18, a 3.6% drop, whilst total residential revenues fell by 7.3% to £275.1M.

In the same period the commercial market saw a 12.2% drop in lots offered, from 854 lots to 750 lots, but commercial revenues fell by an alarming 26.6%, to £206.2M. 

View the full newsletter results  

A word from the Editor:  

As ever I would welcome any comments or feedback you may have regarding the newsletter or indeed the wider market in general.

Kind regards,

David Sandeman - Managing Director, EIG

davids@eigroup.co.uk

 

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By Beth Fox