Property auction market bolstered by ‘buoyant start to the year’

March has traditionally been a busy month for property auctions, with vendors trying to get sales across the line before the end of the financial year, but at first glance, it would appear that this was not the case this time around, the latest data from the Essential Information Group (EIG) shows.

However, as March 2023 saw unprecedented inflation in nearly every metric due to changes in the wider economic environment, it is prudent to also look further back and compare to March 2022, where the national number of lots sold remains strong with an increase of 13.7%, according to the head of EIG, David Sandeman.

He said: “Reviewing the quarterly figures, the overall market has been bolstered by the buoyant start to the year, seeing overall growth of 9.6% in lots sold, and 11% for the residential sector.

“The commercial arena in early 2023 saw a boom in portfolio sales which bolstered the number of sales achieved, however it since has become subdued due to investors now holding onto well-performing tenanted properties unless there is a need to sell. For the stock that does come to market, success rates remain consistent, showing there is continued interest in the market and opportunities to be had for the right properties and individuals.

“Overall, the regions performed well during the first quarter, with only minor fluctuations in the metrics overall. The North East and East Midlands, prime locations for auction stock, continue to outperform other regions in terms of growth in sold lots. Scotland and Northern Ireland have experienced more of a struggle for stock volume and success rates, so it is worth keeping a close eye on how the regions react going into Q2.

“With the ongoing uncertainty over inflation and interest rates, the auction market appears to be taking the opportunity to breathe and settle into what is likely to be a new normal over the coming months. Ensure you are subscribed to our newsletters to stay up to date with the latest news and figures.”

National Auction Analysis

Overall

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

March 2024 January 2024 to March 2024 April 2023 to March 2024
Lots Offered 3,345 (3,684)  9.2% 9,101 (8,422)  8.1% 36,688 (33,096) ▲ 10.9%
Lots Sold 2,419 (2,613)  7.4% 6,632 (6,052)  9.6% 25,867 (23,579)  9.7%
Percent Sold 72.3% (70.9%)  2.0% 72.9% (71.9%)  1.4% 70.5% (71.2%)  1.0%
Total Raised £472.7M (£518.9M)  8.9% £1,257.3M (£1,132.0M)  11.1% £4,917.4M (£4,848.5M)  1.4%

Residential

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

March 2024 January 2024 to March 2024 April 2023 to March 2024
Lots Offered 2,938 (3,200)  8.2% 8,101 (7,414)  9.3% 32,235 (28,685) ▲ 12.4%
Lots Sold 2,131 (2,278)  6.5% 5,926 (5,338)  11.0% 22,756 (20,516)  10.9%
Percent Sold 72.5% (71.2%)  1.8% 73.2% (72.0%)  1.7% 70.6% (71.5%)  1.3%
Total Raised £362.3M (£398.5M)  9.1% £990.5M (£882.0M)  12.3% £3,846.9M (£3,674.2M)  4.7%

Commercial

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

March 2024 January 2024 to March 2024 April 2023 to March 2024
Lots Offered 407 (484)  15.9% 1,000 (1,008)  0.8% 4,453 (4,411) ▲ 1.0%
Lots Sold 288 (335)  14.0% 706 (714)  1.1% 3,111 (3,063)  1.6%
Percent Sold 70.8% (69.2%)  2.3% 70.6% (70.8%)  0.3% 69.9% (69.4%)  0.7%
Total Raised £110.5M (£120.3M)  8.2% £266.8M (£250.0M)  6.7% £1,070.5M (£1,174.3M)  8.8%

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)

January 2024 to March 2024 Total Residential Commercial
Lots Offered 422 (408)  3.4% 374 (359)  4.2% 48 (49)  2.0%
Lots Sold 312 (311)  0.3% 272 (275)  1.1% 40 (36)  11.1%
Percent Sold 73.9% (76.2%)  3.0% 72.7% (76.6%)  5.1% 83.3% (73.5%)  13.3%
Total Raised £54.9M (£50.2M)  9.4% £43.8M (£42.2M)  3.6% £11.1M (£8.0M)  40.0%

East-MidlandsEast Midlands

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 718 (633)  13.4% 620 (559)  10.9% 98 (74) ▲ 32.4%
Lots Sold 541 (469)  15.4% 464 (413)  12.3% 77 (56)  37.5%
Percent Sold 75.3% (74.1%)  1.6% 74.8% (73.9%)  1.2% 78.6% (75.7%)  3.8%
Total Raised £109.6M (£81.4M)  34.7% £73.4M (£65.7M)  11.7% £36.2M (£15.7M)  131.1%

LondonLondon

January 2024 to March 2024 Total Residential Commercial
Lots Offered 688 (656)  4.9% 625 (581)  7.6% 63 (75)  16.0%
Lots Sold 515 (492)  4.7% 471 (434)  8.5% 44 (58)  24.1%
Percent Sold 74.9% (75.0%)  0.1% 75.4% (74.7%)  0.9% 69.8% (77.3%)  9.7%
Total Raised £246.6M (£219.0M)  12.6% £206.3M (£173.8M)  18.7% £40.4M (£45.2M)  10.7%

North-EastNorth-East

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 835 (546)  52.9% 787 (506)  55.5% 48 (40) ▲ 20.0%
Lots Sold 680 (409)  66.3% 648 (374)  73.3% 32 (35)  8.6%
Percent Sold 81.4% (74.9%)  8.7% 82.3% (73.9%)  11.4% 66.7% (87.5%)  23.8%
Total Raised £45.3M (£32.5M)  39.1% £36.4M (£24.0M)  51.2% £8.9M (£8.5M)  4.9%

North-WestNorth-West

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 1,302 (1,332)  2.3% 1,178 (1,169)  0.8% 124 (163)  23.9%
Lots Sold 937 (913)  2.6% 850 (799)  6.4% 87 (114)  23.7%
Percent Sold 72.0% (68.5%)  5.1% 72.2% (68.3%)  5.7% 70.2% (69.9%)  0.4%
Total Raised £112.5M (£110.6M)  1.7% £96.7M (£86.7M)  11.5% £15.8M (£23.9M)  33.8%

North-West-Home-CountiesNorth-West Home Counties

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 555 (541)  2.6% 502 (488)  2.9% 53 (53)  0.0%
Lots Sold 427 (394)  8.4% 386 (352)  9.7% 41 (42)  2.4%
Percent Sold 76.9% (72.8%)  5.6% 76.9% (72.1%)  6.7% 77.4% (79.2%)  2.3%
Total Raised £123.2M (£104.3M)  18.1% £101.3M (£79.5M)  27.3% £21.9M (£24.8M)  11.6%

Northern-IrelandNorthern Ireland

January 2024 to March 2024 Total Residential Commercial
Lots Offered 39 (55)  29.1% 37 (41)  9.8% 2 (14)  85.7%
Lots Sold 19 (24)  20.8% 18 (19)  5.3% 1 (5)  80.0%
Percent Sold 48.7% (43.6%)  11.7% 48.6% (46.3%)  5.0% 50.0% (35.7%)  40.1%
Total Raised £2.4M (£2.6M)  8.8% £2.1M (£2.2M)  8.0% £0.3M (£0.4M)  13.3%

ScotlandScotland

January 2024 to March 2024 Total Residential Commercial
Lots Offered 308 (301)  2.3% 220 (205)  7.3% 88 (96)  8.3%
Lots Sold 84 (160)  47.5% 61 (109)  44.0% 23 (51)  54.9%
Percent Sold 27.3% (53.2%)  48.7% 27.7% (53.2%)  47.9% 26.1% (53.1%)  50.8%
Total Raised £16.6M (£21.1M)  21.7% £6.3M (£10.1M)  37.6% £10.3M (£11.1M)  7.2%

South-East-Home-CountiesSouth-East Home Counties

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 1,379 (1,253)  10.1% 1,249 (1,101)  13.4% 130 (152)  14.5%
Lots Sold 1,005 (871)  15.4% 899 (764)  17.7% 106 (107)  0.9%
Percent Sold 72.9% (69.5%)  4.9% 72.0% (69.4%)  3.7% 81.5% (70.4%)  15.8%
Total Raised £234.8M (£223.9M)  4.9% £184.6M (£165.8M)  11.3% £50.2M (£58.0M)  13.5%

South-WestSouth-West

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 696 (641)  8.6% 615 (570)  7.9% 81 (71) ▲ 14.1%
Lots Sold 503 (469)  7.2% 441 (419)  5.3% 62 (50)  24.0%
Percent Sold 72.3% (73.2%)  1.2% 71.7% (73.5%)  2.4% 76.5% (70.4%)  8.7%
Total Raised £96.2M (£90.2M)  6.6% £71.6M (£72.8M)  1.6% £24.6M (£17.5M)  40.6%

WalesWales

January 2024 to March 2024 Total Residential Commercial
Lots Offered 471 (415)  13.5% 404 (366)  10.4% 67 (49) ▲ 36.7%
Lots Sold 312 (281)  11.0% 263 (250)  5.2% 49 (31)  58.1%
Percent Sold 66.2% (67.7%)  2.2% 65.1% (68.3%)  4.7% 73.1% (63.3%)  15.5%
Total Raised £36.6M (£32.5M)  12.6% £29.5M (£26.8M)  10.1% £7.1M (£5.7M)  24.3%

West-MidlandsWest Midlands

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 909 (883)  2.9% 796 (795)  0.1% 113 (88) ▲ 28.4%
Lots Sold 712 (702)  1.4% 633 (638)  0.8% 79 (64)  23.4%
Percent Sold 78.3% (79.5%)  1.5% 79.5% (80.3%)  1.0% 69.9% (72.7%)  3.9%
Total Raised £112.0M (£101.2M)  10.6% £88.6M (£83.7M)  5.9% £23.4M (£17.5M)  33.2%

Yorkshire-and-The-HumberYorkshire and The Humber

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

January 2024 to March 2024 Total Residential Commercial
Lots Offered 779 (758)  2.8% 694 (674)  3.0% 85 (84) ▲ 1.2%
Lots Sold 585 (557)  5.0% 520 (492)  5.7% 65 (65)  0.0%
Percent Sold 75.1% (73.5%)  2.2% 74.9% (73.0%)  2.6% 76.5% (77.4%)  1.2%
Total Raised £66.8M (£62.3M)  7.1% £50.1M (£48.6M)  3.1% £16.7M (£13.8M)  21.3%

The figures are based on sales data provided by the auctioneers.

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