Auction Data for July 2010

Essential Auction News

David Sandeman, Managing Director Welcome to the August newsletter giving information on auctions held in July 2010 as well as rolling quarterly and yearly figures. For a while now the overall sales rate has been in the 60’s with July being 65.7%, an improvement on June (61.4%) and close to May (66.8%). The number of lots offered overall in July 2010 was up 9.5% on July 2009, though the amount raised was down 17.1%, due to the fall in value of commercial lots sold.

At the bottom of this newsletter there is a report on how the first half of 2010 has fared against the first half of 2009 and I hope you find this interesting.

As always if you have any questions or comments on the newsletter please do get in touch.

Kind regards

David Sandeman
Managing Director
davids@eigroup.co.uk

National Auction Analysis

The sale rates for residential and commercial lots were 65.2% and 68.9% respectively. However, whilst the amount raised for residential lots was almost identical when compared with July 2009, the total raised for commercial lots declined by 35.9%. The quarterly and yearly comparisons for residential lots show a very steady market in terms of amount raised with virtually no difference in the periods. The commercial sector has seen a steady increase in the number of lots offered, though the amount raised would appear to be falling, notwithstanding August 2009 - July 2010 is 7.8% up on August 2008 – July 2009.

With August being a very quiet month for auctions we will have to wait for the September and October sales to see how the trends are changing.

Total

Last Month Last Quarter Last Year
July 2010 July 2009 Increase May 2010 - July 2010 May 2009 - July 2009 Increase August 2009 - July 2010 August 2008 - July 2009 Increase
Lots Offered 3,910 3,571 9.5% 9,125 8,546 6.8% 30,307 32,384 -6.4%
Lots Sold 2,569 2,618 -1.9% 6,023 6,238 -3.4% 21,465 23,033 -6.8%
Percent Sold 65.7% 73.3% -10.4% 66% 73% -9.6% 70.8% 71.1% -0.4%
Total Raised £407,020,226 £490,807,696 -17.1% £977,486,531 £1,077,929,216 -9.3% £3,365,345,658 £3,312,984,096 1.6%

Residential

Last Month Last Quarter Last Year
July 2010 July 2009 Increase May 2010 - July 2010 May 2009 - July 2009 Increase August 2009 - July 2010 August 2008 - July 2009 Increase
Lots Offered 3,018 2,744 10.0% 7,151 6,742 6.1% 24,138 26,817 -10.0%
Lots Sold 1,968 2,009 -2.0% 4,663 4,899 -4.8% 16,951 19,016 -10.9%
Percent Sold 65.2% 73.2% -10.9% 65.2% 72.7% -10.3% 70.2% 70.9% -1.0%
Total Raised £256,598,962 £256,210,706 0.2% £640,709,162 £640,877,664 0.0% £2,235,362,364 £2,264,937,349 -1.3%

Commercial

Last Month Last Quarter Last Year
July 2010 July 2009 Increase May 2010 - July 2010 May 2009 - July 2009 Increase August 2009 - July 2010 August 2008 - July 2009 Increase
Lots Offered 892 827 7.9% 1,974 1,804 9.4% 6,166 5,567 10.8%
Lots Sold 601 609 -1.3% 1,360 1,339 1.6% 4,514 4,017 12.4%
Percent Sold 67.4% 73.6% -8.4% 68.9% 74.2% -7.1% 73.2% 72.2% 1.4%
Total Raised £150,421,264 £234,596,990 -35.9% £336,777,369 £437,051,552 -22.9% £1,129,983,294 £1,048,046,747 7.8%


Regional Auction Analysis

As is usually the case, variations across all the measurable parameters can be seen across the regions.

East Anglia

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 286 303 -5.6%
Lots Sold 187 227 -17.6%
Percent Sold 65.4% 74.9% -12.7%
Total Raised £33,889,877 £42,553,400 -20.4%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 206 238 -13.4%
Lots Sold 130 178 -27.0%
Percent Sold 63.1% 74.8% -15.6%
Total Raised £21,439,877 £21,960,900 -2.4%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 80 65 23.1%
Lots Sold 57 49 16.3%
Percent Sold 71.3% 75.4% -5.4%
Total Raised £12,450,000 £20,592,500 -39.5%


East Midlands

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 742 597 24.3%
Lots Sold 522 445 17.3%
Percent Sold 70.4% 74.5% -5.5%
Total Raised £56,848,263 £52,736,426 7.8%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 576 447 28.9%
Lots Sold 406 336 20.8%
Percent Sold 70.5% 75.2% -6.3%
Total Raised £37,852,058 £30,747,600 23.1%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 166 150 10.7%
Lots Sold 116 109 6.4%
Percent Sold 69.9% 72.7% -3.9%
Total Raised £18,996,205 £21,988,826 -13.6%


London

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 1,001 982 1.9%
Lots Sold 757 786 -3.7%
Percent Sold 75.6% 80% -5.5%
Total Raised £267,928,100 £251,929,600 6.4%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 824 868 -5.1%
Lots Sold 632 691 -8.5%
Percent Sold 76.7% 79.6% -3.6%
Total Raised £181,117,600 £188,160,100 -3.7%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 177 114 55.3%
Lots Sold 125 95 31.6%
Percent Sold 70.6% 83.3% -15.2%
Total Raised £86,810,500 £63,769,500 36.1%


North-East

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 679 606 12.0%
Lots Sold 281 319 -11.9%
Percent Sold 41.4% 52.6% -21.3%
Total Raised £22,724,303 £34,377,286 -33.9%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 615 525 17.1%
Lots Sold 251 273 -8.1%
Percent Sold 40.8% 52% -21.5%
Total Raised £18,359,103 £24,775,036 -25.9%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 64 81 -21.0%
Lots Sold 30 46 -34.8%
Percent Sold 46.9% 56.8% -17.4%
Total Raised £4,365,200 £9,602,250 -54.5%


North-West

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 1,285 1,313 -2.1%
Lots Sold 821 906 -9.4%
Percent Sold 63.9% 69% -7.4%
Total Raised £87,635,100 £95,389,027 -8.1%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 988 1,052 -6.1%
Lots Sold 623 716 -13.0%
Percent Sold 63.1% 68.1% -7.3%
Total Raised £53,659,250 £53,608,577 0.1%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 297 261 13.8%
Lots Sold 198 190 4.2%
Percent Sold 66.7% 72.8% -8.4%
Total Raised £33,975,850 £41,780,450 -18.7%


North-West Home Counties

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 502 394 27.4%
Lots Sold 367 320 14.7%
Percent Sold 73.1% 81.2% -10.0%
Total Raised £86,026,299 £102,685,600 -16.2%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 372 287 29.6%
Lots Sold 268 232 15.5%
Percent Sold 72% 80.8% -10.9%
Total Raised £54,979,049 £42,419,600 29.6%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 130 107 21.5%
Lots Sold 99 88 12.5%
Percent Sold 76.2% 82.2% -7.3%
Total Raised £31,047,250 £60,266,000 -48.5%


Scotland

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 233 213 9.4%
Lots Sold 133 138 -3.6%
Percent Sold 57.1% 64.8% -11.9%
Total Raised £20,432,750 £19,902,900 2.7%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 159 128 24.2%
Lots Sold 89 79 12.7%
Percent Sold 56% 61.7% -9.2%
Total Raised £6,173,100 £6,660,000 -7.3%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 74 85 -12.9%
Lots Sold 44 59 -25.4%
Percent Sold 59.5% 69.4% -14.3%
Total Raised £14,259,650 £13,242,900 7.7%


South-East Home Counties

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 1,240 986 25.8%
Lots Sold 914 800 14.3%
Percent Sold 73.7% 81.1% -9.1%
Total Raised £163,687,801 £162,889,707 0.5%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 968 780 24.1%
Lots Sold 716 643 11.4%
Percent Sold 74% 84.4% -12.3%
Total Raised £112,182,551 £95,812,921 17.1%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 272 206 32.0%
Lots Sold 198 157 26.1%
Percent Sold 72.8% 76.2% -4.5%
Total Raised £51,505,250 £67,076,786 -23.2%


South-West

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 726 747 -2.8%
Lots Sold 497 559 -11.1%
Percent Sold 68.5% 74.8% -8.4%
Total Raised £77,058,200 £101,024,850 -23.7%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 528 501 5.4%
Lots Sold 337 359 -6.1%
Percent Sold 63.8% 71.7% -11.0%
Total Raised £50,398,450 £51,797,550 -2.7%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 198 246 -19.5%
Lots Sold 160 200 -20.0%
Percent Sold 80.8% 81.3% -0.6%
Total Raised £26,659,750 £49,227,300 -45.8%


Wales

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 661 659 0.3%
Lots Sold 454 481 -5.6%
Percent Sold 68.7% 73% -5.9%
Total Raised £37,719,950 £47,950,475 -21.3%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 515 500 3.0%
Lots Sold 359 377 -4.8%
Percent Sold 69.7% 75.4% -7.6%
Total Raised £26,984,650 £30,318,185 -11.0%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 146 159 -8.2%
Lots Sold 95 104 -8.7%
Percent Sold 65.1% 65.4% -0.5%
Total Raised £10,735,300 £17,632,290 -39.1%


West Midlands

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 1,006 968 3.9%
Lots Sold 614 704 -12.8%
Percent Sold 61% 72.7% -16.1%
Total Raised £75,063,864 £102,750,345 -26.9%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 788 773 1.9%
Lots Sold 476 567 -16.0%
Percent Sold 60.4% 73.4% -17.7%
Total Raised £47,306,550 £57,571,245 -17.8%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 218 195 11.8%
Lots Sold 138 137 0.7%
Percent Sold 63.3% 70.3% -10.0%
Total Raised £27,757,314 £45,179,100 -38.6%


Yorkshire and The Humber

Total
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 757 777 -2.6%
Lots Sold 473 552 -14.3%
Percent Sold 62.5% 71% -12.0%
Total Raised £48,385,024 £63,574,600 -23.9%


Residential
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 605 642 -5.8%
Lots Sold 373 447 -16.6%
Percent Sold 61.7% 69.6% -11.4%
Total Raised £30,169,924 £36,880,950 -18.2%


Commercial
May 2010 - July 2010 May 2009 - July 2009 Increase
Lots Offered 152 135 12.6%
Lots Sold 100 105 -4.8%
Percent Sold 65.8% 77.8% -15.4%
Total Raised £18,215,100 £26,693,650 -31.8%


Half Yearly Round-up

Being in the midst of what has been billed as the worst recession for decades, below is a review as to how the auction industry has fared over the past six months against the economic backdrop and the ending of continual property price rises and confidence in 2007 and early 2008.

The charts show how each of the first six months of the year have compared with each other 2006 - 2010. The figures shown are for the combined residential and commercial sales.

Lots Sold

It comes as no surprise to see that the peak in every case occurred in 2007 (except Jan), and that 2009 and 2010 had the lowest figures between them. The fall in 'lots sold', when comparing H1 2007 with H1 2010, was 30% for residential and 34% for commercial. This should be viewed against the 60%+ fall in the number of property transactions recorded at Land Registry in the same periods.

Amount Raised

A similar story to that with 'lots sold' is seen, albeit with bigger differences between the high and low values. This was in part due to the drop in number of commercial lots being offered that intrinsically have a higher average price than residential lots. In addition, there were fewer of the larger residential lots being offered.

Percent Sold

As one would expect, 2006 and 2007 had some of the highest rates but perhaps surprisingly 2009 had high rates as well. 2008 carried the lowest sale rates as the market adjusted to changing sentiment, with 2010 being in the mid area and just below the long term average.

Conclusion

Whilst we have seen a decline across all the metrics for measuring activity in the auction market, the numbers do show that the decline has slowed down or arrested and in some cases reversed, and outperformed the wider residential market. Looking forward I believe that the auction market has adjusted itself to the new market conditions and will perform relatively well going forward.

Lots OfferedLots Sold

Amount RaisedPercent Sold

Your Comments

If you would like to comment on anything in this email, or have any suggestions for future newsletters, we would like to hear from you. So please email us anytime.