Welcome to the June newsletter:
Looking back at auction activity in May and preceding periods
Whilst the UK wakes up to the unexpected news of a hung parliament and what will surely lead to turbulent times ahead for UK politics, I am pleased to report on a set of auction results that are largely strong and stable!
Remarkably only 1 fewer lot was offered last month when compared with May 2016, but lots sold increased 2% to 2,422 lots and effected a healthy 75.7% sale rate (up 2%). However this month it appears very much a tale of two sectors, with notable differences in the performance of residential and commercial lots - please read on below for more detailed analysis.
Overall Statistics May 2017
Auctions Held in the UK 130
Total Lots Offered 3,199
Total Lots Sold 2,422
Percent Sold 75.7%
Total Realised £517,003,228
National Auction Analysis
The residential sector performed amazingly well last month , with lots offered up almost 5% to 2,560 lots and lots sold up almost 10% to 1,945 lots. The amount realised from residential sales totalled £338M, up £27M (8.9%) from the £311M raised in May 2016.
The rolling quarterly figures, which had shown double-digit falls in last month's newsletter, now show only marginal falls in lots offered and sold and positive growth in both the sale rate - up 1.6% to 75%, and the amount raised - up 0.6% to £808M.
Conversley, the commercial sector endured a challenging month, with lots offered and sold falling by 15% and 20% respectively and the amount raised decreasing by 16% to £179M. One hopes that this was merely a blip in what has otherwise been a reasonably steady year to date for commercial auctions.
A word from the editor: I welcome any feedback or questions you may have about our newsletters or the wider market in general.
Kind regards, David Sandeman
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By Beth Fox