EIG Newsletter July 2018 - Essential Auction News

Industry News

EIG Newsletter July 2018 - Essential Auction News

18 July 2018

 

Essential Auction News

Welcome to the July newsletter that looks back at auction activity in June and preceding periods.

As can be seen below, the market experienced a notably challenging month, with overall lots offered down 19.5% to 2,144 lots and lots sold down 23.1% to 1,498 lots. Auction revenues dropped 24%, from £267M in June 2017 to £203M in June 2018.
Whilst the numbers are certainly alarming they are perhaps reflective of the challenging market conditions and economic backdrop that we find ourselves in. Growing speculation of an impending interest rate rise, Brexit uncertainty and ongoing high-street woes are all factors that are likely affecting confidence amongst buyers and sellers alike.
Recent reports suggest that it isn't just the auction market feeling the strain, however, with news of decreasing numbers of private treaty buyers causing a slowdown in sales and putting downward pressure on prices. In fact the only reliable forecast one can make at this time is that of the weather, which I'm pleased to say looks set fair for the foreseeable future! 

Overall Statistics - July 2018

Auctions Held in the UK   100
Total Lots Offered             2,144 
Total Lots Sold                   1,498
Percent Sold                       69.9%
Total Realised                    £203,247,444 

National Auction Analysis

The whole market endured a difficult June, with double-digit falls seen in lots offered, lots sold and amount raised across both sectors. Notably just 1,281 residential lots sold with a total value of £177M - both down 24% on the respective metrics last year, whilst commercial sales dropped 17.5% to 217 lots, raising in excess of £26M (down 21.2% on June 2017). 

 

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 

 

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By Beth Fox