Essential Information Group

August 2016 Newsletter

EIG monthly Newsletter

Essential Auction News

Welcome to the August newsletter that looks back at auction activity in July and preceding periods. July is typically one of the busiest months of the year in the auction calendar, and figures show a 6% fall in lots offered, an 11% fall in lots sold and a 17% fall in amount raised.

These numbers exemplify the state of the market post-Brexit, and whilst the Bank of England attempts to stimulate the economy with a 0.25% interest rate cut I suspect that it maybe a little time before this has an effect on the property market.

I am delighted to announce the launch of our new website, www.eigpropertyauctions.co.uk. You'll notice that we have made changes to our brand appearance and have added a number of useful tools and auction guides, in addition to providing the same invaluable property auction information as before. If you haven't already seen it then I would urge you to take a look and would welcome any feedback that you might have, good or bad!
Overall Statistics July 2016
Auctions Held in the UK 168
Total Lots Offered 3,775
Total Lots Sold 2,749
Percent Sold 72.8%
Total Realised £489,653,046

National Auction Analysis

The residential sector saw lots offered fall by 7% last month, from 3,210 lots to 2,972 lots. Lots sold decreased by 13% from 2,451 lots to 2,141 lots and the total amount raised from residential auction sales fell by 15% to £325.5M - down £58M on July 2015. It should be noted, however, that despite the seemingly large drop on last year's total the £325M raised is actually the third highest amount raised in July over the last 10 years.

803 commercial lots were offered last month, 6 more than in July 2015 (+0.8%). Commercial lots sold fell by 3% to 608 lots, raising a total of £164.1M - down over 21% on last year.

Total

N.B. Figures in brackets denote the comparative period last year

July 2016 May 2016 to July 2016 August 2015 to July 2016
Lots Offered 3,775 (4,007) 5.8% 9,658 (9,617) 0.4% 33,746 (33,879) 0.4%
Lots Sold 2,749 (3,080) 10.7% 7,161 (7,403) 3.3% 25,799 (25,811) 0.0%
Percent Sold 72.8% (76.9%) 5.3% 74.1% (77.0%) 3.8% 76.5% (76.2%) 0.4%
Total Raised £490M (£592M) 17.3% £1,336M (£1,364M) 2.1% £4,695M (£4,297M) 9.3%

Residential

N.B. Figures in brackets denote the comparative period last year

July 2016 May 2016 to July 2016 August 2015 to July 2016
Lots Offered 2,972 (3,210) 7.4% 7,718 (7,652) 0.9% 27,877 (27,330) 2.0%
Lots Sold 2,141 (2,451) 12.6% 5,672 (5,852) 3.1% 21,215 (20,681) 2.6%
Percent Sold 72.0% (76.4%) 5.8% 73.5% (76.5%) 3.9% 76.1% (75.7%) 0.5%
Total Raised £326M (£384M) 15.2% £901M (£927M) 2.8% £3,309M (£3,011M) 9.9%

Commercial

N.B. Figures in brackets denote the comparative period last year

July 2016 May 2016 to July 2016 August 2015 to July 2016
Lots Offered 803 (797) 0.8% 1,940 (1,965) 1.3% 5,869 (6,549) 10.4%
Lots Sold 608 (629) 3.3% 1,489 (1,551) 4.0% 4,584 (5,130) 10.6%
Percent Sold 75.7% (78.9%) 4.1% 76.8% (78.9%) 2.7% 78.1% (78.3%) 0.3%
Total Raised £164M (£208M) 21.3% £435M (£437M) 0.4% £1,387M (£1,286M) 7.8%

Regional Auction Analysis

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

N.B. Figures in brackets denote the comparative period last year

East-AngliaEast Anglia

May 2016 to July 2016 Total Residential Commercial
Lots Offered 322 (312) 3.2% 227 (232) 2.2% 95 (80) 18.8%
Lots Sold 267 (250) 6.8% 181 (180) 0.6% 86 (70) 22.9%
Percent Sold 82.9% (80.1%) 3.5% 79.7% (77.6%) 2.7% 90.5% (87.5%) 3.4%
Total Raised £46M (£39M) 17.8% £25M (£26M) 3.5% £21M (£13M) 61.4%

East-MidlandsEast Midlands

May 2016 to July 2016 Total Residential Commercial
Lots Offered 685 (812) 15.6% 550 (646) 14.9% 135 (166) 18.7%
Lots Sold 517 (642) 19.5% 409 (496) 17.5% 108 (146) 26.0%
Percent Sold 75.5% (79.1%) 4.6% 74.4% (76.8%) 3.1% 80.0% (88.0%) 9.1%
Total Raised £75M (£84M) 10.8% £45M (£56M) 20.0% £30M (£28M) 7.4%

LondonLondon

May 2016 to July 2016 Total Residential Commercial
Lots Offered 870 (898) 3.1% 807 (813) 0.7% 63 (85) 25.9%
Lots Sold 636 (758) 16.1% 590 (681) 13.4% 46 (77) 40.3%
Percent Sold 73.1% (84.4%) 13.4% 73.1% (83.8%) 12.8% 73.0% (90.6%) 19.4%
Total Raised £278M (£335M) 17.0% £249M (£278M) 10.6% £30M (£57M) 47.9%

North-EastNorth-East

May 2016 to July 2016 Total Residential Commercial
Lots Offered 858 (866) 0.9% 777 (787) 1.3% 81 (79) 2.5%
Lots Sold 612 (592) 3.4% 552 (526) 4.9% 60 (66) 9.1%
Percent Sold 71.3% (68.4%) 4.2% 71.0% (66.8%) 6.3% 74.1% (83.5%) 11.3%
Total Raised £51M (£56M) 8.6% £39M (£38M) 2.1% £12M (£18M) 31.5%

North-WestNorth-West

May 2016 to July 2016 Total Residential Commercial
Lots Offered 1,485 (1,442) 3.0% 1,167 (1,171) 0.3% 318 (271) 17.3%
Lots Sold 1,073 (1,088) 1.4% 829 (899) 7.8% 244 (189) 29.1%
Percent Sold 72.3% (75.5%) 4.2% 71.0% (76.8%) 7.6% 76.7% (69.7%) 10.0%
Total Raised £137M (£125M) 9.8% £70M (£76M) 8.1% £67M (£48M) 38.0%

North-West-Home-CountiesNorth-West Home Counties

May 2016 to July 2016 Total Residential Commercial
Lots Offered 419 (367) 14.2% 332 (259) 28.2% 87 (108) 19.4%
Lots Sold 330 (310) 6.5% 269 (221) 21.7% 61 (89) 31.5%
Percent Sold 78.8% (84.5%) 6.7% 81.0% (85.3%) 5.0% 70.1% (82.4%) 14.9%
Total Raised £101M (£110M) 8.5% £71M (£63M) 12.4% £30M (£47M) 36.6%

Northern-IrelandNorthern Ireland

May 2016 to July 2016 Total Residential Commercial
Lots Offered 289 (292) 1.0% 242 (236) 2.5% 47 (56) 16.1%
Lots Sold 120 (167) 28.1% 94 (132) 28.8% 26 (35) 25.7%
Percent Sold 41.5% (57.2%) 27.4% 38.8% (55.9%) 30.6% 55.3% (62.5%) 11.5%
Total Raised £9M (£12M) 20.7% £6M (£9M) 25.3% £3M (£3M) 7.0%

ScotlandScotland

May 2016 to July 2016 Total Residential Commercial
Lots Offered 287 (282) 1.8% 211 (182) 15.9% 76 (100) 24.0%
Lots Sold 169 (176) 4.0% 117 (103) 13.6% 52 (73) 28.8%
Percent Sold 58.9% (62.4%) 5.6% 55.5% (56.6%) 1.9% 68.4% (73.0%) 6.3%
Total Raised £14M (£21M) 35.6% £7M (£6M) 18.6% £6M (£15M) 57.3%

South-East-Home-CountiesSouth-East Home Counties

May 2016 to July 2016 Total Residential Commercial
Lots Offered 1,190 (1,279) 7.0% 924 (1,009) 8.4% 266 (270) 1.5%
Lots Sold 926 (1,036) 10.6% 716 (817) 12.4% 210 (219) 4.1%
Percent Sold 77.8% (81.0%) 4.0% 77.5% (81.0%) 4.3% 78.9% (81.1%) 2.7%
Total Raised £264M (£240M) 10.0% £167M (£160M) 4.4% £96M (£80M) 21.2%

South-WestSouth-West

May 2016 to July 2016 Total Residential Commercial
Lots Offered 710 (758) 6.3% 493 (566) 12.9% 217 (192) 13.0%
Lots Sold 553 (587) 5.8% 376 (430) 12.6% 177 (157) 12.7%
Percent Sold 77.9% (77.4%) 0.6% 76.3% (76.0%) 0.4% 81.6% (81.8%) 0.2%
Total Raised £108M (£119M) 9.1% £69M (£86M) 20.3% £40M (£33M) 20.2%

WalesWales

May 2016 to July 2016 Total Residential Commercial
Lots Offered 632 (648) 2.5% 471 (435) 8.3% 161 (213) 24.4%
Lots Sold 470 (505) 6.9% 350 (349) 0.3% 120 (156) 23.1%
Percent Sold 74.4% (77.9%) 4.5% 74.3% (80.2%) 7.4% 74.5% (73.2%) 1.8%
Total Raised £48M (£50M) 4.1% £27M (£29M) 3.9% £21M (£22M) 4.4%

West-MidlandsWest Midlands

May 2016 to July 2016 Total Residential Commercial
Lots Offered 1,051 (858) 22.5% 830 (671) 23.7% 221 (187) 18.2%
Lots Sold 830 (676) 22.8% 665 (529) 25.7% 165 (147) 12.2%
Percent Sold 79.0% (78.8%) 0.3% 80.1% (78.8%) 1.6% 74.7% (78.6%) 5.0%
Total Raised £124M (£92M) 34.5% £79M (£56M) 40.4% £45M (£36M) 25.1%

Yorkshire-and-The-HumberYorkshire and The Humber

May 2016 to July 2016 Total Residential Commercial
Lots Offered 860 (803) 7.1% 687 (645) 6.5% 173 (158) 9.5%
Lots Sold 658 (616) 6.8% 524 (489) 7.2% 134 (127) 5.5%
Percent Sold 76.5% (76.7%) 0.3% 76.3% (75.8%) 0.7% 77.5% (80.4%) 3.6%
Total Raised £80M (£80M) 0.4% £46M (£43M) 6.3% £34M (£37M) 6.7%

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.

A word from the editor

David Sandeman
As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.

Kind regards

David Sandeman

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