Welcome to the September newsletter that looks back at auction activity in August and preceding periods.
The traditionally quiet month of August has yielded a surprisingly positive set of auction results. In the 48 auctions held across the UK last month, lots offered was up 15% to 960 lots, lots sold up 20% to 670 lots and the amount raised also up 20% to £62M.
Whilst one swallow doesn't make a summer (especially given the much smaller than average sample set), the industry will certainly welcome the increased activity and approach the busy Autumn period ahead with renewed confidence.
I do hope that you are enjoying this prolonged period of fine (albeit late) Summer weather.
National Auction Analysis
In the residential market lots offered increased 15% in August, from 763 lots to 880 lots, whilst lots sold increased 18% from 517 lots to 609 lots and the amount raised gained £9M to total £57M. The recent market falls prior to August have had an adverse effect on the rolling quarterly figures, which are down in all 4 of the metrics measured, but encouragingly the rolling yearly figures are still showing increases on the previous year - notably the double-digit rise in the amount raised (+10%).
The commercial market made large gains in August, with double-digit rises in all 4 metrics, although one shouldn't read too much into the surge given the very small sample size that we're reporting on.
As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.
The full September edition of the EIG newsletter is available on our website where you can also view all prior issues.
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(Source - September 2016 Newsletter Edition)
By Beth Fox