Welcome to the August newsletter that looks back at auction activity in July and preceding periods.
July is typically one of the busiest months of the year in the auction calendar, and figures show a 6% fall in lots offered, an 11% fall in lots sold and a 17% fall in amount raised.
These numbers exemplify the state of the market post-Brexit, and whilst the Bank of England attempts to stimulate the economy with a 0.25% interest rate cut I suspect that it maybe a little time before this has an effect on the property market.
National Auction Analysis
The residential sector saw lots offered fall by 7% last month, from 3,210 lots to 2,972 lots. Lots sold decreased by 13% from 2,451 lots to 2,141 lots and the total amount raised from residential auction sales fell by 15% to £325.5M - down £58M on July 2015. It should be noted, however, that despite the seemingly large drop on last year's total the £325M raised is actually the third highest amount raised in July over the last 10 years.
803 commercial lots were offered last month, 6 more than in July 2015 (+0.8%). Commercial lots sold fell by 3% to 608 lots, raising a total of £164.1M - down over 21% on last year.
I am delighted to announce the launch of our new website, www.eigpropertyauctions.co.uk.
You'll notice that we have made changes to our brand appearance and have added a number of useful tools and auction guides, in addition to providing the same invaluable property auction information as before. If you haven't already seen it then I would urge you to take a look and would welcome any feedback that you might have, good or bad!
As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.
The full August edition of the EIG newsletter is available on our website where you can also view all prior issues.
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