Essential Information Group

March 2017 Newsletter

EIG monthly Newsletter

Essential Auction News

Welcome to the March newsletter that looks back at auction activity in February and preceding periods. Whilst a cursory glance at the figures below 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. Notwithstanding 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.

As ever I welcome any comments or feedback you may have about the newsletter or indeed the wider market in general.
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 below).

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%.

Total lots sold and amount raised at auction in February

Graph showing the spike in property sales last February, caused by the impending stamp duty changes that came into effect on 1st April 2016.

Overall

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

February 2017 December 2016 to February 2017 March 2016 to February 2017
Lots Offered 3,849 (4,450) 13.5% 8,025 (8,281) 3.1% 33,203 (33,881) 2.0%
Lots Sold 2,989 (3,472) 13.9% 6,180 (6,451) 4.2% 25,191 (26,334) 4.3%
Percent Sold 77.7% (78.0%) 0.4% 77.0% (77.9%) 1.2% 75.9% (77.7%) 2.3%
Total Raised £571M (£674M) 15.3% £1,145M (£1,228M) 6.8% £4,542M (£4,682M) 3.0%

Residential

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

February 2017 December 2016 to February 2017 March 2016 to February 2017
Lots Offered 3,183 (3,756) 15.3% 6,627 (6,944) 4.6% 27,375 (27,630) 0.9%
Lots Sold 2,438 (2,928) 16.7% 5,046 (5,380) 6.2% 20,578 (21,377) 3.7%
Percent Sold 76.6% (78.0%) 1.8% 76.1% (77.5%) 1.8% 75.2% (77.4%) 2.8%
Total Raised £403M (£484M) 16.6% £759M (£854M) 11.1% £3,130M (£3,304M) 5.3%

Commercial

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

February 2017 December 2016 to February 2017 March 2016 to February 2017
Lots Offered 666 (694) 4.0% 1,398 (1,337) 4.6% 5,828 (6,251) 6.8%
Lots Sold 551 (544) 1.3% 1,134 (1,071) 5.9% 4,613 (4,957) 6.9%
Percent Sold 82.7% (78.4%) 5.5% 81.1% (80.1%) 1.2% 79.2% (79.3%) 0.1%
Total Raised £167M (£190M) 11.9% £386M (£374M) 3.1% £1,412M (£1,378M) 2.5%

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

December 2016 to February 2017 Total Residential Commercial
Lots Offered 247 (250) 1.2% 191 (188) 1.6% 56 (62) 9.7%
Lots Sold 189 (201) 6.0% 144 (154) 6.5% 45 (47) 4.3%
Percent Sold 76.5% (80.4%) 4.9% 75.4% (81.9%) 7.9% 80.4% (75.8%) 6.1%
Total Raised £33M (£33M) 0.5% £21M (£21M) 0.2% £12M (£12M) 1.7%

East-MidlandsEast Midlands

December 2016 to February 2017 Total Residential Commercial
Lots Offered 564 (711) 20.7% 480 (609) 21.2% 84 (102) 17.6%
Lots Sold 434 (553) 21.5% 366 (473) 22.6% 68 (80) 15.0%
Percent Sold 77.0% (77.8%) 1.0% 76.3% (77.7%) 1.8% 81.0% (78.4%) 3.3%
Total Raised £60M (£81M) 26.3% £37M (£53M) 29.6% £23M (£28M) 20.0%

LondonLondon

December 2016 to February 2017 Total Residential Commercial
Lots Offered 795 (815) 2.5% 723 (737) 1.9% 72 (78) 7.7%
Lots Sold 586 (672) 12.8% 525 (601) 12.6% 61 (71) 14.1%
Percent Sold 73.7% (82.5%) 10.7% 72.6% (81.5%) 10.9% 84.7% (91.0%) 6.9%
Total Raised £284M (£311M) 8.8% £226M (£267M) 15.2% £57M (£44M) 30.0%

North-EastNorth-East

December 2016 to February 2017 Total Residential Commercial
Lots Offered 769 (808) 4.8% 716 (744) 3.8% 53 (64) 17.2%
Lots Sold 588 (609) 3.4% 549 (560) 2.0% 39 (49) 20.4%
Percent Sold 76.5% (75.4%) 1.5% 76.7% (75.3%) 1.9% 73.6% (76.6%) 3.9%
Total Raised £46M (£50M) 7.2% £37M (£40M) 7.7% £9M (£10M) 5.4%

North-WestNorth-West

December 2016 to February 2017 Total Residential Commercial
Lots Offered 1,400 (1,428) 2.0% 1,119 (1,161) 3.6% 281 (267) 5.2%
Lots Sold 1,075 (1,068) 0.7% 848 (860) 1.4% 227 (208) 9.1%
Percent Sold 76.8% (74.8%) 2.7% 75.8% (74.1%) 2.3% 80.8% (77.9%) 3.7%
Total Raised £113M (£109M) 4.0% £64M (£71M) 9.4% £49M (£38M) 29.1%

North-West-Home-CountiesNorth-West Home Counties

December 2016 to February 2017 Total Residential Commercial
Lots Offered 372 (340) 9.4% 294 (264) 11.4% 78 (76) 2.6%
Lots Sold 297 (291) 2.1% 224 (222) 0.9% 73 (69) 5.8%
Percent Sold 79.8% (85.6%) 6.8% 76.2% (84.1%) 9.4% 93.6% (90.8%) 3.1%
Total Raised £101M (£108M) 6.2% £63M (£64M) 2.6% £38M (£43M) 11.4%

Northern-IrelandNorthern Ireland

December 2016 to February 2017 Total Residential Commercial
Lots Offered 212 (183) 15.8% 195 (166) 17.5% 17 (17) 0.0%
Lots Sold 106 (92) 15.2% 96 (89) 7.9% 10 (3) 233.3%
Percent Sold 50.0% (50.3%) 0.6% 49.2% (53.6%) 8.2% 58.8% (17.6%) 234.1%
Total Raised £7M (£7M) 3.6% £7M (£7M) 5.3% £1M (£0M) 320.7%

ScotlandScotland

December 2016 to February 2017 Total Residential Commercial
Lots Offered 264 (163) 62.0% 181 (113) 60.2% 83 (50) 66.0%
Lots Sold 191 (98) 94.9% 122 (60) 103.3% 69 (38) 81.6%
Percent Sold 72.3% (60.1%) 20.3% 67.4% (53.1%) 26.9% 83.1% (76.0%) 9.3%
Total Raised £23M (£11M) 107.8% £7M (£3M) 108.3% £16M (£8M) 107.6%

South-East-Home-CountiesSouth-East Home Counties

December 2016 to February 2017 Total Residential Commercial
Lots Offered 947 (1,046) 9.5% 760 (873) 12.9% 187 (173) 8.1%
Lots Sold 750 (861) 12.9% 601 (709) 15.2% 149 (152) 2.0%
Percent Sold 79.2% (82.3%) 3.8% 79.1% (81.2%) 2.6% 79.7% (87.9%) 9.3%
Total Raised £212M (£243M) 12.9% £130M (£154M) 15.5% £82M (£90M) 8.3%

South-WestSouth-West

December 2016 to February 2017 Total Residential Commercial
Lots Offered 358 (444) 19.4% 272 (351) 22.5% 86 (93) 7.5%
Lots Sold 304 (349) 12.9% 228 (274) 16.8% 76 (75) 1.3%
Percent Sold 84.9% (78.6%) 8.0% 83.8% (78.1%) 7.3% 88.4% (80.6%) 9.7%
Total Raised £73M (£72M) 1.3% £44M (£51M) 14.0% £29M (£21M) 39.4%

WalesWales

December 2016 to February 2017 Total Residential Commercial
Lots Offered 445 (423) 5.2% 344 (345) 0.3% 101 (78) 29.5%
Lots Sold 347 (333) 4.2% 274 (271) 1.1% 73 (62) 17.7%
Percent Sold 78.0% (78.7%) 0.9% 79.7% (78.6%) 1.4% 72.3% (79.5%) 9.1%
Total Raised £30M (£24M) 24.4% £18M (£14M) 21.7% £12M (£9M) 28.6%

West-MidlandsWest Midlands

December 2016 to February 2017 Total Residential Commercial
Lots Offered 827 (794) 4.2% 665 (652) 2.0% 162 (142) 14.1%
Lots Sold 656 (646) 1.5% 526 (532) 1.1% 130 (114) 14.0%
Percent Sold 79.3% (81.4%) 2.6% 79.1% (81.6%) 3.1% 80.2% (80.3%) 0.1%
Total Raised £91M (£98M) 7.1% £56M (£57M) 2.1% £35M (£41M) 14.2%

Yorkshire-and-The-HumberYorkshire and The Humber

December 2016 to February 2017 Total Residential Commercial
Lots Offered 825 (876) 5.8% 687 (741) 7.3% 138 (135) 2.2%
Lots Sold 657 (678) 3.1% 543 (575) 5.6% 114 (103) 10.7%
Percent Sold 79.6% (77.4%) 2.8% 79.0% (77.6%) 1.8% 82.6% (76.3%) 8.3%
Total Raised £71M (£81M) 12.0% £49M (£50M) 2.8% £22M (£30M) 27.3%

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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