Essential Auction News
Welcome to the June newsletter that looks back at auction activity in May and preceding periods.
In last month's newsletter I reported on a subdued set of auction results in April, so I am pleased to see that the market bounced back in May and made gains of 7.5% and 5.8% in lots offered and lots sold respectively.
The overall amount raised fell slightly, down 2% to £507M, but this was largely caused by a fall in commercial revenues - more on this below.
Overall Statistics - June 2018
Auctions Held in the UK 122
Total Lots Offered 3,440
Total Lots Sold 2,563
Percent Sold 74.5%
Total Realised £506,559,407
National Auction Analysis
The residential auction sector performed particularly strongly in May, with a 10% rise in lots offered (2,560 to 2,806) and a 6% rise in lots sold (1,945 to 2,070). Residential revenues increased 5.4%, to £357M, which is a welcome return following the 12% losses seen in April.
It was a very busy month for the commercial market, as every major commercial auction house held an auction in May. Overall the market fared reasonably well, as despite a marginal fall in lots offered (down 0.8% to 634 lots) the volume of sales actually increased - up 3.4% to 493 lots. As has been the case for the last 6 months, the amount raised from commercial sales contracted and was down 16% to £150M (£179M in May 2017) - a trend which indicates a shift in the lot sizes being put under the hammer.
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.
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By Beth Fox