Welcome to the March newsletter that looks back at auction activity in February and preceding periods.
Whilst a cursory glance at the figures (shown in the full newsletter) show a sea of red, I should point out that in February 2016 we saw a major spike in sales due to buyers and sellers wanting to complete before the impending stamp duty changes, which subsequently came into effect on 1st April 2016.
Next month's newsletter should provide us with a better indication of the market's progress (and to a greater extent in May), as properties sold within the comparative periods will be subject to the same SDLT rates. Not withstanding this, positive gains are evident in many northern regions of the UK for the rolling quarter, where lower house prices mean that stamp duty is less of an influencing factor.
Overall Statistics February 2017
Auctions Held in the UK 119
Total Lots Offered 3,849
Total Lots Sold 2,989
Percent Sold 77.7%
Total Realised £570,607,185
National Auction Analysis
Analysing the market's performance during February over the course of the last decade illustrates that last month's results are on a par with previous years' results, and not in disarray that the percentage falls would at first glance suggest (see graph shown in the full newsletter).
Whilst both down 14% on last year, lots offered (3,849) and lots sold (2,989) are at largely the same level as they were in February 2015 (3,381 and 2,995 respectively). The amount raised at auction fell 15% on last year but that anomaly aside it still totalled £93M more than in February 2015 - a gain of 20%.
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