The UK property auction market experienced another strong month during September, according to the Essential Information Group (EIG).
The data indicates a consistent growth trend in the volume of lots offered and sold over the past three months, with a notable 16.7% increase in lots offered and a 13.9% rise in lots sold compared to the corresponding period last year.
EIG’s David Sandeman said: “Despite a slight decrease in the percentage sold compared to the same period last year, the market has shown resilience with a total realised value of over £573.7m.”
Breaking down the data into residential and commercial segments, the housing market showed robust performance, with a 20.8% increase in lots offered and a 18% rise in lots sold. But the commercial saw a fall in both lots offered and sold, with a 5.1% drop in lots offered and an 8.5% decrease in lots sold.
EIG’s David Sandeman added: “The regional analysis provides a distinctive insight, with variations across different regions. East Anglia, for instance, saw a substantial increase in lots offered and sold, reflecting a buoyant market. Conversely, London faced a decline in both lots sold and total raised, suggesting a potential cooling in the capital’s property market.
“In summary, while the overall property auction market in the UK demonstrated strength and growth, there are regional variations and sector-specific challenges that warrant attention. The perseverance of the residential market contrasts with the subdued performance of the commercial sector, highlighting the need for a nuanced understanding of the market dynamics to make informed decisions.”
|
|||||||||||
National Auction Analysis
Overall
N.B. Figures in brackets denote the comparative period last year
| September 2023 | July 2023 to September 2023 | October 2022 to September 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 4,176 (3,579) | ▲ 16.7% | 9,152 (7,767) | ▲ 17.8% | 35,549 (29,214) | ▲ 21.7% |
| Lots Sold | 2,975 (2,613) | ▲ 13.9% | 6,342 (5,609) | ▲ 13.1% | 24,673 (21,920) | ▲ 12.6% |
| Percent Sold | 71.2% (73.0%) | ▼ 2.5% | 69.3% (72.2%) | ▼ 4.0% | 69.4% (75.0%) | ▼ 7.5% |
| Total Raised | £573.7M (£596.1M) | ▼ 3.8% | £1,170.9M (£1,273.7M) | ▼ 8.1% | £4,648.0M (£4,740.9M) | ▼ 2.0% |
Residential
N.B. Figures in brackets denote the comparative period last year
| September 2023 | July 2023 to September 2023 | October 2022 to September 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 3,635 (3,009) | ▲ 20.8% | 8,011 (6,570) | ▲ 21.9% | 31,274 (24,709) | ▲ 26.6% |
| Lots Sold | 2,597 (2,200) | ▲ 18.0% | 5,557 (4,777) | ▲ 16.3% | 21,649 (18,691) | ▲ 15.8% |
| Percent Sold | 71.4% (73.1%) | ▼ 2.3% | 69.4% (72.7%) | ▼ 4.5% | 69.2% (75.6%) | ▼ 8.5% |
| Total Raised | £444.2M (£406.0M) | ▲ 9.4% | £905.8M (£898.7M) | ▲ 0.8% | £3,638.3M (£3,551.7M) | ▲ 2.4% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| September 2023 | July 2023 to September 2023 | October 2022 to September 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 541 (570) | ▼ 5.1% | 1,141 (1,197) | ▼ 4.7% | 4,275 (4,505) | ▼ 5.1% |
| Lots Sold | 378 (413) | ▼ 8.5% | 785 (832) | ▼ 5.6% | 3,024 (3,229) | ▼ 6.3% |
| Percent Sold | 69.9% (72.5%) | ▼ 3.6% | 68.8% (69.5%) | ▼ 1.0% | 70.7% (71.7%) | ▼ 1.4% |
| Total Raised | £129.4M (£190.0M) | ▼ 31.9% | £265.0M (£374.9M) | ▼ 29.3% | £1,009.7M (£1,189.2M) | ▼ 15.1% |
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 Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 458 (307) | ▲ 49.2% | 408 (255) | ▲ 60.0% | 50 (52) | ▼ 3.8% |
| Lots Sold | 323 (233) | ▲ 38.6% | 290 (195) | ▲ 48.7% | 33 (38) | ▼ 13.2% |
| Percent Sold | 70.5% (75.9%) | ▼ 7.1% | 71.1% (76.5%) | ▼ 7.1% | 66.0% (73.1%) | ▼ 9.7% |
| Total Raised | £51.4M (£46.7M) | ▲ 10.1% | £44.1M (£34.1M) | ▲ 29.3% | £7.3M (£12.5M) | ▼ 42.1% |
East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 633 (602) | ▲ 5.1% | 558 (514) | ▲ 8.6% | 75 (88) | ▼ 14.8% |
| Lots Sold | 466 (453) | ▲ 2.9% | 407 (382) | ▲ 6.5% | 59 (71) | ▼ 16.9% |
| Percent Sold | 73.6% (75.2%) | ▼ 2.1% | 72.9% (74.3%) | ▼ 1.9% | 78.7% (80.7%) | ▼ 2.5% |
| Total Raised | £82.8M (£80.5M) | ▲ 2.9% | £62.4M (£57.0M) | ▲ 9.6% | £20.4M (£23.5M) | ▼ 13.4% |
London
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 677 (634) | ▲ 6.8% | 616 (551) | ▲ 11.8% | 61 (83) | ▼ 26.5% |
| Lots Sold | 479 (482) | ▼ 0.6% | 434 (413) | ▲ 5.1% | 45 (69) | ▼ 34.8% |
| Percent Sold | 70.8% (76.0%) | ▼ 6.8% | 70.5% (75.0%) | ▼ 6.0% | 73.8% (83.1%) | ▼ 11.2% |
| Total Raised | £188.6M (£259.1M) | ▼ 27.2% | £155.8M (£184.1M) | ▼ 15.4% | £32.8M (£75.0M) | ▼ 56.2% |
North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 535 (490) | ▲ 9.2% | 506 (447) | ▲ 13.2% | 29 (43) | ▼ 32.6% |
| Lots Sold | 399 (333) | ▲ 19.8% | 381 (299) | ▲ 27.4% | 18 (34) | ▼ 47.1% |
| Percent Sold | 74.6% (68.0%) | ▲ 9.7% | 75.3% (66.9%) | ▲ 12.6% | 62.1% (79.1%) | ▼ 21.5% |
| Total Raised | £32.0M (£31.0M) | ▲ 3.0% | £27.6M (£21.5M) | ▲ 27.9% | £4.4M (£9.5M) | ▼ 53.4% |
North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,378 (1,267) | ▲ 8.8% | 1,234 (1,105) | ▲ 11.7% | 144 (162) | ▼ 11.1% |
| Lots Sold | 958 (895) | ▲ 7.0% | 857 (800) | ▲ 7.1% | 101 (95) | ▲ 6.3% |
| Percent Sold | 69.5% (70.6%) | ▼ 1.6% | 69.4% (72.4%) | ▼ 4.1% | 70.1% (58.6%) | ▲ 19.6% |
| Total Raised | £108.6M (£115.4M) | ▼ 5.9% | £89.4M (£88.2M) | ▲ 1.4% | £19.2M (£27.2M) | ▼ 29.6% |
North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 620 (478) | ▲ 29.7% | 547 (413) | ▲ 32.4% | 73 (65) | ▲ 12.3% |
| Lots Sold | 440 (373) | ▲ 18.0% | 384 (322) | ▲ 19.3% | 56 (51) | ▲ 9.8% |
| Percent Sold | 71.0% (78.0%) | ▼ 9.0% | 70.2% (78.0%) | ▼ 10.0% | 76.7% (78.5%) | ▼ 2.3% |
| Total Raised | £112.2M (£131.2M) | ▼ 14.5% | £85.6M (£95.9M) | ▼ 10.7% | £26.6M (£35.3M) | ▼ 24.7% |
Northern Ireland
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 53 (37) | ▲ 43.2% | 49 (34) | ▲ 44.1% | 4 (3) | ▲ 33.3% |
| Lots Sold | 17 (17) | ▼ 0.0% | 17 (15) | ▲ 13.3% | 0 (2) | ▼ 100.0% |
| Percent Sold | 32.1% (45.9%) | ▼ 30.1% | 34.7% (44.1%) | ▼ 21.3% | 0.0% (66.7%) | ▼ 100.0% |
| Total Raised | £1.5M (£1.8M) | ▼ 13.5% | £1.5M (£1.4M) | ▲ 8.8% | £0.0M (£0.4M) | ▼ 100.0% |
Scotland
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 340 (233) | ▲ 45.9% | 245 (141) | ▲ 73.8% | 95 (92) | ▲ 3.3% |
| Lots Sold | 136 (87) | ▲ 56.3% | 111 (61) | ▲ 82.0% | 25 (26) | ▼ 3.8% |
| Percent Sold | 40.0% (37.3%) | ▲ 7.2% | 45.3% (43.3%) | ▲ 4.6% | 26.3% (28.3%) | ▼ 7.1% |
| Total Raised | £14.4M (£11.3M) | ▲ 27.7% | £8.1M (£4.3M) | ▲ 89.4% | £6.4M (£7.0M) | ▼ 9.6% |
South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,453 (1,187) | ▲ 22.4% | 1,272 (1,004) | ▲ 26.7% | 181 (183) | ▼ 1.1% |
| Lots Sold | 956 (870) | ▲ 9.9% | 831 (739) | ▲ 12.4% | 125 (131) | ▼ 4.6% |
| Percent Sold | 65.8% (73.3%) | ▼ 10.2% | 65.3% (73.6%) | ▼ 11.3% | 69.1% (71.6%) | ▼ 3.5% |
| Total Raised | £225.8M (£239.1M) | ▼ 5.6% | £175.1M (£177.8M) | ▼ 1.5% | £50.7M (£61.3M) | ▼ 17.2% |
South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 760 (597) | ▲ 27.3% | 619 (472) | ▲ 31.1% | 141 (125) | ▲ 12.8% |
| Lots Sold | 598 (463) | ▲ 29.2% | 480 (372) | ▲ 29.0% | 118 (91) | ▲ 29.7% |
| Percent Sold | 78.7% (77.6%) | ▲ 1.4% | 77.5% (78.8%) | ▼ 1.6% | 83.7% (72.8%) | ▲ 15.0% |
| Total Raised | £121.5M (£108.4M) | ▲ 12.1% | £90.0M (£81.8M) | ▲ 10.0% | £31.5M (£26.6M) | ▲ 18.6% |
Wales
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 569 (511) | ▲ 11.4% | 480 (424) | ▲ 13.2% | 89 (87) | ▲ 2.3% |
| Lots Sold | 347 (340) | ▲ 2.1% | 297 (280) | ▲ 6.1% | 50 (60) | ▼ 16.7% |
| Percent Sold | 61.0% (66.5%) | ▼ 8.3% | 61.9% (66.0%) | ▼ 6.2% | 56.2% (69.0%) | ▼ 18.6% |
| Total Raised | £41.8M (£47.0M) | ▼ 11.0% | £32.8M (£34.9M) | ▼ 5.9% | £9.0M (£12.1M) | ▼ 25.8% |
West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,023 (749) | ▲ 36.6% | 897 (623) | ▲ 44.0% | 126 (126) | ▼ 0.0% |
| Lots Sold | 753 (573) | ▲ 31.4% | 655 (473) | ▲ 38.5% | 98 (100) | ▼ 2.0% |
| Percent Sold | 73.6% (76.5%) | ▼ 3.8% | 73.0% (75.9%) | ▼ 3.8% | 77.8% (79.4%) | ▼ 2.0% |
| Total Raised | £120.8M (£117.2M) | ▲ 3.1% | £92.1M (£72.1M) | ▲ 27.7% | £28.8M (£45.1M) | ▼ 36.2% |
Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| July 2023 to September 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 653 (675) | ▼ 3.3% | 580 (587) | ▼ 1.2% | 73 (88) | ▼ 17.0% |
| Lots Sold | 470 (490) | ▼ 4.1% | 413 (426) | ▼ 3.1% | 57 (64) | ▼ 10.9% |
| Percent Sold | 72.0% (72.6%) | ▼ 0.8% | 71.2% (72.6%) | ▼ 1.9% | 78.1% (72.7%) | ▲ 7.4% |
| Total Raised | £69.4M (£84.9M) | ▼ 18.2% | £41.4M (£45.6M) | ▼ 9.2% | £28.0M (£39.3M) | ▼ 28.7% |
Be nice to see any analysis of the reasons why more property is being put up for auction .How many are selling as a result of increased mortgage costs, how many are being sold because their condition is such they would not qualify for a mortgage and how many are being sold by landlords as they leave the market?.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register