The UK property auction market, as reflected in the October 2023 statistics provided by Essential Information Group (EIG), reveals a dynamic landscape,

According to the data, overall trends indicate an 8.7% increase in lots offered, totalling 3,183, and a corresponding 7.8% rise in lots sold, reaching 2,136. Despite a slight dip of 0.9%, the percentage of lots sold settled at 67.1%. Financially, the market demonstrated strength, with a 14.2% surge in total raised, reaching £380.8m.

David Sandeman, director of EIG, said: “We are pleased to see such positive momentum in the UK property auction market. The increase in lots offered and sold, coupled with a substantial rise in total funds raised, reflects the resilience and attractiveness of the market.”

Within the residential sector, positive momentum continued with a 5.7% increase in lots offered and a 6.4% rise in lots sold. The percentage of residential lots sold improved marginally by 0.6%, reaching 68.1%. Despite a slight financial dip of 0.7%, the residential market remained robust, totalling £291.7m in funds raised.

Conversely, the commercial market experienced a notable 39.3% surge in lots offered and a 22.0% increase in lots sold. However, the percentage of commercial lots sold saw a significant decline of 12.4%, resting at 59.2%. Total funds raised in the commercial segment, however, spiked impressively by 125.1%, reaching £89m.

Delving into the regional markets, variations are evident, with East Anglia experiencing a 28.6% increase in lots offered and a 30.5% rise in lots sold.

In contrast, the London market, while witnessing a 16.1% uptick in lots offered, faced a 5.3% decline in the percentage of lots sold, resulting in a 7.1% decrease in total funds raised.

These regional intricacies highlight the need to consider specific geographic contexts for a comprehensive understanding of market dynamics, according to Sandeman.

He added: “The October 2023 statistics paint a picture of a vibrant and resilient property auction market in the UK. We anticipate continued growth and diverse opportunities for both buyers and sellers in the coming months.”