Latest data reveals robust growth in the UK property auction market

David Sandeman

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.”



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