Essential Information Group

August 2020 Newsletter

EIG monthly Newsletter

Essential Auction News

Welcome to our August newsletter that looks back at auction activity in July and preceding periods. This is the fifth newsletter we have published since lockdown, and as you will be very aware virtually every industry in the UK has been adversely affected. The auction industry has in the short space of time reacted positively to the changes, and as we saw in last month’s newsletter (covering June) the level of activity was very similar to June 2019. The same can be said of July's auction activity in that overall we saw the percent sold increase by almost 13%, and the amount raised drop by just 6.5%.

You will note that the number of lots offered fell by 21%, but this is mainly due to the fact that with auctions conducted over the Internet, as virtually every single one is now doing, in most cases a prospective purchaser has to indicate to the auctioneer which lot they are intending to bid on, and should the auctioneer find when the auction opens there is no one registered to bid on a particular lot, it may be withdrawn prior from the auction. This is the main reason the number of lots offered has fallen and one of the reasons that the percent sold has gone up.

Looking at residential and commercial separately, the total raised in the residential sector was up 7.5% with the % sold increasing to 82% (see note above). In the commercial sector a shortage of suitable lots lead to a fall in lots offered and amount raised, but the % sold rose from 76.1% to 79.9%, indicating there is a real market for well-priced lots.

As always August has been a quiet month but we are seeing some bumper catalogues coming through for September sales which we will report on in October. I would welcome any comments you might have.

Please note the newsletter can also be viewed online.

Overall Statistics July 2020
Auctions Held in the UK 71
Total Lots Offered 2,602
Total Lots Sold 2,125
Percent Sold 81.7%
Total Realised £416,488,811

National Auction Analysis

Overall

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

July 2020 May 2020 to July 2020 August 2019 to July 2020
Lots Offered 2,602 (3,306) 21.3% 5,290 (8,239) 35.8% 24,279 (29,903) 18.8%
Lots Sold 2,125 (2,396) 11.3% 4,293 (6,055) 29.1% 18,485 (22,085) 16.3%
Percent Sold 81.7% (72.5%) 12.7% 81.2% (73.5%) 10.5% 76.1% (73.9%) 3.0%
Total Raised £416.5M (£445.5M) 6.5% £820.9M (£1,062.2M) 22.7% £3,072.4M (£3,756.6M) 18.2%

Residential

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

July 2020 May 2020 to July 2020 August 2019 to July 2020
Lots Offered 2,239 (2,699) 17.0% 4,590 (6,865) 33.1% 20,803 (25,398) 18.1%
Lots Sold 1,835 (1,934) 5.1% 3,734 (5,045) 26.0% 15,878 (18,714) 15.2%
Percent Sold 82.0% (71.7%) 14.4% 81.4% (73.5%) 10.7% 76.3% (73.7%) 3.5%
Total Raised £312.0M (£290.3M) 7.5% £615.6M (£742.3M) 17.1% £2,326.7M (£2,708.7M) 14.1%

Commercial

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

July 2020 May 2020 to July 2020 August 2019 to July 2020
Lots Offered 363 (607) 40.2% 700 (1,374) 49.1% 3,476 (4,505) 22.8%
Lots Sold 290 (462) 37.2% 559 (1,010) 44.7% 2,607 (3,371) 22.7%
Percent Sold 79.9% (76.1%) 5.0% 79.9% (73.5%) 8.7% 75.0% (74.8%) 0.3%
Total Raised £104.5M (£155.2M) 32.6% £205.2M (£319.9M) 35.8% £745.7M (£1,047.9M) 28.8%

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

(Includes Cambridgeshire, Norfolk, Suffolk)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 207 (382) 45.8% 166 (273) 39.2% 41 (109) 62.4%
Lots Sold 170 (268) 36.6% 133 (179) 25.7% 37 (89) 58.4%
Percent Sold 82.1% (70.2%) 17.0% 80.1% (65.6%) 22.1% 90.2% (81.7%) 10.4%
Total Raised £32.4M (£40.8M) 20.5% £21.6M (£29.3M) 26.2% £10.8M (£11.6M) 6.2%

East-MidlandsEast Midlands

(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 373 (572) 34.8% 323 (475) 32.0% 50 (97) 48.5%
Lots Sold 306 (437) 30.0% 270 (370) 27.0% 36 (67) 46.3%
Percent Sold 82.0% (76.4%) 7.3% 83.6% (77.9%) 7.3% 72.0% (69.1%) 4.2%
Total Raised £47.6M (£65.7M) 27.5% £35.0M (£48.3M) 27.7% £12.6M (£17.4M) 27.2%

LondonLondon

May 2020 to July 2020 Total Residential Commercial
Lots Offered 527 (605) 12.9% 476 (546) 12.8% 51 (59) 13.6%
Lots Sold 422 (444) 5.0% 381 (399) 4.5% 41 (45) 8.9%
Percent Sold 80.1% (73.4%) 9.1% 80.0% (73.1%) 9.4% 80.4% (76.3%) 5.4%
Total Raised £198.4M (£208.0M) 4.6% £153.6M (£164.8M) 6.8% £44.8M (£43.3M) 3.5%

North-EastNorth-East

(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 455 (783) 41.9% 427 (714) 40.2% 28 (69) 59.4%
Lots Sold 401 (560) 28.4% 378 (516) 26.7% 23 (44) 47.7%
Percent Sold 88.1% (71.5%) 23.2% 88.5% (72.3%) 22.4% 82.1% (63.8%) 28.7%
Total Raised £27.8M (£50.4M) 45.0% £22.9M (£33.0M) 30.7% £4.9M (£17.4M) 72.1%

North-WestNorth-West

(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 924 (1,266) 27.0% 811 (1,052) 22.9% 113 (214) 47.2%
Lots Sold 709 (919) 22.9% 628 (778) 19.3% 81 (141) 42.6%
Percent Sold 76.7% (72.6%) 5.6% 77.4% (74.0%) 4.6% 71.7% (65.9%) 8.8%
Total Raised £78.7M (£96.5M) 18.5% £62.6M (£70.7M) 11.5% £16.1M (£25.8M) 37.7%

North-West-Home-CountiesNorth-West Home Counties

(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 369 (548) 32.7% 322 (483) 33.3% 47 (65) 27.7%
Lots Sold 308 (420) 26.7% 269 (367) 26.7% 39 (53) 26.4%
Percent Sold 83.5% (76.6%) 9.0% 83.5% (76.0%) 9.9% 83.0% (81.5%) 1.8%
Total Raised £65.1M (£105.5M) 38.3% £53.2M (£71.9M) 26.0% £11.9M (£33.7M) 64.6%

Northern-IrelandNorthern Ireland

May 2020 to July 2020 Total Residential Commercial
Lots Offered 0 (101) 100.0% 0 (78) 100.0% 0 (23) 100.0%
Lots Sold 0 (51) 100.0% 0 (45) 100.0% 0 (6) 100.0%
Percent Sold 0.0% (50.5%) 100.0% 0.0% (57.7%) 100.0% 0.0% (26.1%) 100.0%
Total Raised £0.0M (£4.0M) 100.0% £0.0M (£3.5M) 100.0% £0.0M (£0.5M) 100.0%

ScotlandScotland

May 2020 to July 2020 Total Residential Commercial
Lots Offered 36 (196) 81.6% 11 (137) 92.0% 25 (59) 57.6%
Lots Sold 29 (130) 77.7% 10 (90) 88.9% 19 (40) 52.5%
Percent Sold 80.6% (66.3%) 21.6% 90.9% (65.7%) 38.4% 76.0% (67.8%) 12.1%
Total Raised £9.0M (£15.3M) 41.0% £0.6M (£4.9M) 88.5% £8.5M (£10.4M) 18.5%

South-East-Home-CountiesSouth-East Home Counties

(Includes East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex, Channel Islands)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 884 (1,106) 20.1% 761 (929) 18.1% 123 (177) 30.5%
Lots Sold 714 (824) 13.3% 615 (686) 10.3% 99 (138) 28.3%
Percent Sold 80.8% (74.5%) 8.5% 80.8% (73.8%) 9.5% 80.5% (78.0%) 3.2%
Total Raised £161.3M (£181.2M) 11.0% £123.4M (£124.2M) 0.7% £37.9M (£56.9M) 33.4%

South-WestSouth-West

(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Somerset, Wiltshire, Isles of Scilly)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 342 (552) 38.0% 281 (427) 34.2% 61 (125) 51.2%
Lots Sold 288 (418) 31.1% 236 (314) 24.8% 52 (104) 50.0%
Percent Sold 84.2% (75.7%) 11.2% 84.0% (73.5%) 14.3% 85.2% (83.2%) 2.4%
Total Raised £69.3M (£78.1M) 11.2% £47.9M (£52.3M) 8.4% £21.4M (£25.7M) 16.9%

WalesWales

May 2020 to July 2020 Total Residential Commercial
Lots Offered 268 (505) 46.9% 222 (378) 41.3% 46 (127) 63.8%
Lots Sold 209 (353) 40.8% 172 (268) 35.8% 37 (85) 56.5%
Percent Sold 78.0% (69.9%) 11.6% 77.5% (70.9%) 9.3% 80.4% (66.9%) 20.2%
Total Raised £26.1M (£40.4M) 35.5% £16.9M (£26.5M) 36.0% £9.1M (£13.9M) 34.5%

West-MidlandsWest Midlands

(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 598 (933) 35.9% 543 (800) 32.1% 55 (133) 58.6%
Lots Sold 482 (695) 30.6% 438 (585) 25.1% 44 (110) 60.0%
Percent Sold 80.6% (74.5%) 8.2% 80.7% (73.1%) 10.4% 80.0% (82.7%) 3.3%
Total Raised £73.5M (£109.5M) 32.9% £58.3M (£71.5M) 18.4% £15.1M (£38.0M) 60.3%

Yorkshire-and-The-HumberYorkshire and The Humber

(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)

May 2020 to July 2020 Total Residential Commercial
Lots Offered 307 (690) 55.5% 247 (573) 56.9% 60 (117) 48.7%
Lots Sold 255 (536) 52.4% 204 (448) 54.5% 51 (88) 42.0%
Percent Sold 83.1% (77.7%) 6.9% 82.6% (78.2%) 5.6% 85.0% (75.2%) 13.0%
Total Raised £31.7M (£66.6M) 52.4% £19.6M (£41.4M) 52.6% £12.1M (£25.2M) 52.0%

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
davids@eigroup.co.uk

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