Property auctions show ‘remarkable growth’, with lots offered and sold up sharply

David Sandeman

Last month saw robust growth in both residential and commercial property auctions, new figures from the Essential Information Group (EIG) reveal.

Residential auctions have shown remarkable growth, with lots offered and sold rising by 11.2% and 22.1%, respectively, in June 2024 compared to the same period last year. This increase is fuelled by significant activity in major London sales, which saw high growth numbers. In the second quarter this year, London’s residential lots sold increased by 10.8%, with total revenue up by 19.3%.

Meanwhile, the additional Allsop Commercial auction for the month significantly contributed to the commercial sector’s impressive numbers, where the lots sold increased by 37.2% compared to last year, and total revenue surged by an astounding 160.3%. This additional auction has played a pivotal role in boosting the overall commercial growth, although the quarterly and yearly figures continue to show a slight decline.

EIG’s David Sandeman said: “Regional players in areas like East Anglia and the East Midlands have shown strong performance, with substantial increases in lots offered and sold. However, not all auctioneers have experienced this buoyancy, as indicated by regional variations, such as Scotland, where the total raised decreased by 30.8% despite an increase in residential activity.”

National Auction Analysis:

Overall

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

June 2024 April 2024 to June 2024 July 2023 to June 2024
Lots Offered 3,009 (2,700)  11.4% 9,560 (8,749)  9.3% 37,491 (34,169) ▲ 9.7%
Lots Sold 2,126 (1,718)  23.7% 6,800 (6,021)  12.9% 26,611 (23,977)  11.0%
Percent Sold 70.7% (63.6%)  11.2% 71.1% (68.8%)  3.3% 71.0% (70.2%)  1.1%
Total Raised £427.8M (£302.3M)  41.5% £1,317.0M (£1,129.1M)  16.6% £5,098.1M (£4,783.6M)  6.6%

Residential

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

June 2024 April 2024 to June 2024 July 2023 to June 2024
Lots Offered 2,640 (2,374)  11.2% 8,463 (7,634)  10.9% 33,036 (29,826) ▲ 10.8%
Lots Sold 1,864 (1,527)  22.1% 6,041 (5,251)  15.0% 23,508 (20,893)  12.5%
Percent Sold 70.6% (64.3%)  9.8% 71.4% (68.8%)  3.8% 71.2% (70.0%)  1.7%
Total Raised £328.6M (£264.2M)  24.4% £1,058.1M (£920.7M)  14.9% £3,978.5M (£3,633.1M)  9.5%

Commercial

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

June 2024 April 2024 to June 2024 July 2023 to June 2024
Lots Offered 369 (326)  13.2% 1,097 (1,115)  1.6% 4,455 (4,343) ▲ 2.6%
Lots Sold 262 (191)  37.2% 759 (770)  1.4% 3,103 (3,084)  0.6%
Percent Sold 71.0% (58.6%)  21.2% 69.2% (69.1%)  0.1% 69.7% (71.0%)  1.8%
Total Raised £99.1M (£38.1M)  160.3% £258.9M (£208.4M)  24.2% £1,119.6M (£1,150.6M)  2.7%

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)

April 2024 to June 2024 Total Residential Commercial
Lots Offered 453 (378)  19.8% 410 (324)  26.5% 43 (54)  20.4%
Lots Sold 324 (263)  23.2% 294 (225)  30.7% 30 (38)  21.1%
Percent Sold 71.5% (69.6%)  2.7% 71.7% (69.4%)  3.3% 69.8% (70.4%)  0.9%
Total Raised £59.0M (£50.3M)  17.2% £48.4M (£39.3M)  23.2% £10.6M (£11.1M)  4.2%

East-MidlandsEast Midlands

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 758 (694)  9.2% 662 (608)  8.9% 96 (86) ▲ 11.6%
Lots Sold 551 (455)  21.1% 473 (390)  21.3% 78 (65)  20.0%
Percent Sold 72.7% (65.6%)  10.8% 71.5% (64.1%)  11.5% 81.2% (75.6%)  7.4%
Total Raised £89.0M (£87.1M)  2.2% £70.5M (£69.2M)  2.0% £18.5M (£17.9M)  3.1%

LondonLondon

April 2024 to June 2024 Total Residential Commercial
Lots Offered 738 (657)  12.3% 678 (595)  13.9% 60 (62)  3.2%
Lots Sold 557 (506)  10.1% 511 (461)  10.8% 46 (45)  2.2%
Percent Sold 75.5% (77.0%)  1.9% 75.4% (77.5%)  2.7% 76.7% (72.6%)  5.6%
Total Raised £279.1M (£217.0M)  28.6% £228.8M (£191.8M)  19.3% £50.3M (£25.1M)  100.1%

North-EastNorth-East

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 802 (520)  54.2% 765 (493)  55.2% 37 (27) ▲ 37.0%
Lots Sold 602 (391)  54.0% 575 (366)  57.1% 27 (25)  8.0%
Percent Sold 75.1% (75.2%)  0.1% 75.2% (74.2%)  1.3% 73.0% (92.6%)  21.2%
Total Raised £38.9M (£34.3M)  13.4% £34.3M (£27.4M)  25.1% £4.6M (£6.9M)  33.1%

North-WestNorth-West

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 1,338 (1,372)  2.5% 1,182 (1,217)  2.9% 156 (155) ▲ 0.6%
Lots Sold 942 (920)  2.4% 848 (816)  3.9% 94 (104)  9.6%
Percent Sold 70.4% (67.1%)  4.9% 71.7% (67.1%)  6.9% 60.3% (67.1%)  10.1%
Total Raised £128.2M (£110.9M)  15.6% £103.7M (£87.5M)  18.5% £24.5M (£23.4M)  4.5%

North-West-Home-CountiesNorth-West Home Counties

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 622 (615)  1.1% 570 (560)  1.8% 52 (55)  5.5%
Lots Sold 445 (430)  3.5% 408 (389)  4.9% 37 (41)  9.8%
Percent Sold 71.5% (69.9%)  2.3% 71.6% (69.5%)  3.0% 71.2% (74.5%)  4.4%
Total Raised £117.9M (£109.6M)  7.5% £97.3M (£88.3M)  10.2% £20.5M (£21.3M)  3.6%

Northern-IrelandNorthern Ireland

April 2024 to June 2024 Total Residential Commercial
Lots Offered 55 (50)  10.0% 50 (38)  31.6% 5 (12)  58.3%
Lots Sold 29 (17)  70.6% 25 (13)  92.3% 4 (4)  0.0%
Percent Sold 52.7% (34.0%)  55.0% 50.0% (34.2%)  46.2% 80.0% (33.3%)  140.2%
Total Raised £3.5M (£1.6M)  114.7% £3.0M (£1.3M)  121.2% £0.5M (£0.3M)  82.0%

ScotlandScotland

April 2024 to June 2024 Total Residential Commercial
Lots Offered 378 (356)  6.2% 273 (198)  37.9% 105 (158)  33.5%
Lots Sold 122 (140)  12.9% 79 (67)  17.9% 43 (73)  41.1%
Percent Sold 32.3% (39.3%)  17.8% 28.9% (33.8%)  14.5% 41.0% (46.2%)  11.3%
Total Raised £10.3M (£14.9M)  30.8% £4.1M (£4.7M)  12.7% £6.2M (£10.3M)  39.1%

South-East-Home-CountiesSouth-East Home Counties

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 1,559 (1,320)  18.1% 1,393 (1,164)  19.7% 166 (156) ▲ 6.4%
Lots Sold 1,097 (895)  22.6% 980 (779)  25.8% 117 (116)  0.9%
Percent Sold 70.4% (67.8%)  3.8% 70.4% (66.9%)  5.2% 70.5% (74.4%)  5.2%
Total Raised £247.2M (£215.0M)  14.9% £198.5M (£179.9M)  10.4% £48.7M (£35.2M)  38.4%

South-WestSouth-West

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 802 (734)  9.3% 673 (625)  7.7% 129 (109) ▲ 18.3%
Lots Sold 611 (548)  11.5% 512 (455)  12.5% 99 (93)  6.5%
Percent Sold 76.2% (74.7%)  2.0% 76.1% (72.8%)  4.5% 76.7% (85.3%)  10.1%
Total Raised £134.0M (£109.9M)  21.9% £106.2M (£86.1M)  23.3% £27.7M (£23.8M)  16.6%

WalesWales

April 2024 to June 2024 Total Residential Commercial
Lots Offered 599 (582)  2.9% 522 (509)  2.6% 77 (73) ▲ 5.5%
Lots Sold 401 (387)  3.6% 346 (345)  0.3% 55 (42)  31.0%
Percent Sold 66.9% (66.5%)  0.6% 66.3% (67.8%)  2.2% 71.4% (57.5%)  24.2%
Total Raised £47.3M (£46.4M)  1.8% £39.0M (£40.0M)  2.7% £8.3M (£6.4M)  30.0%

West-MidlandsWest Midlands

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 766 (767)  0.1% 672 (681)  1.3% 94 (86) ▲ 9.3%
Lots Sold 594 (559)  6.3% 522 (493)  5.9% 72 (66)  9.1%
Percent Sold 77.5% (72.9%)  6.3% 77.7% (72.4%)  7.3% 76.6% (76.7%)  0.1%
Total Raised £95.8M (£82.5M)  16.2% £75.2M (£66.9M)  12.5% £20.6M (£15.6M)  32.0%

Yorkshire-and-The-HumberYorkshire and The Humber

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

April 2024 to June 2024 Total Residential Commercial
Lots Offered 690 (704)  2.0% 613 (622)  1.4% 77 (82)  6.1%
Lots Sold 525 (510)  2.9% 468 (452)  3.5% 57 (58)  1.7%
Percent Sold 76.1% (72.4%)  5.1% 76.3% (72.7%)  5.0% 74.0% (70.7%)  4.7%
Total Raised £66.9M (£49.4M)  35.5% £49.1M (£38.3M)  28.4% £17.7M (£11.1M)  59.8%

Disclaimer: These figures are based on sales data provided to EIG by the auctioneers

 

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