2023 marked a turbulent year for the UK property market as soaring mortgage rates, the cost-of-living crisis, and general economic uncertainty influenced the intentions of buyers and sellers alike.
With a lack of confidence and uncertainty being felt across the UK, a growing number of people turned to the auction room to offload properties, new figures show.
According to Essential Information Group (EIG), property auctions experienced a significant 16.6% growth in the number of lots brought to sale, resulting in a 13.1% rise in properties successfully sold under the gavel. However, this growth comes with cautious considerations, as David Sandeman, director of EIG, explained.
He said: “The overall success rate dipped compared to the previous year, while the total amount raised showed modest growth at 1.5% against a background in which values fell in both Residential and Commercial sectors, as vendors were even more motivated to sell.
“Delving into the residential sector, the surge in sales by 14.8% and a more conservative growth in total raised by 4.9% contributed to a year-on-year decrease in the average sale price to £168,426 – a notable 8.6% drop from 2022. This marks the first decrease in recent history, mirroring what is being reported by the private treaty sector by estate agencies.
“The amount of decrease could be down to numerous factors, including variations in property type and size coming to auction with overall lower value stock coming to market, as well as differences in regional performance too. Despite this, there are positive indicators of market improvement.
“Buyer confidence appears to be rebounding with the gradual reduction in mortgage interest rates, making January 2024 poised to be one of the busiest on record. In the commercial arena, a level of stagnancy suggests sustained interest from investors. However, the drop in total raised for 2023 warrants attention for those planning transactions in the coming months.
“Taking a regional perspective, most areas experienced an upswing in overall metrics for the past quarter, with some variations in the residential/commercial split. Noteworthy are the unexpected trends in two key auction regions – West Midlands and Yorkshire and the Humber – both witnessing a decline in properties brought to auction and subsequently sold. Monitoring the early 2024 sales in these regions may unveil insights to consider if you are interested in these areas.”
National Auction Analysis
Overall
N.B. Figures in brackets denote the comparative period last year
| December 2023 | October 2023 to December 2023 | January 2023 to December 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 3,402 (3,665) | ▼ 7.2% | 9,583 (9,164) | ▲ 4.6% | 36,002 (30,886) | ▲ 16.6% |
| Lots Sold | 2,473 (2,507) | ▼ 1.4% | 6,647 (6,080) | ▲ 9.3% | 25,214 (22,292) | ▲ 13.1% |
| Percent Sold | 72.7% (68.4%) | ▲ 6.3% | 69.4% (66.3%) | ▲ 4.7% | 70.0% (72.2%) | ▼ 3.0% |
| Total Raised | £467.8M (£446.0M) | ▲ 4.9% | £1,280.8M (£1,160.4M) | ▲ 10.4% | £4,760.1M (£4,690.6M) | ▲ 1.5% |
Residential
N.B. Figures in brackets denote the comparative period last year
| December 2023 | October 2023 to December 2023 | January 2023 to December 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 2,960 (3,309) | ▼ 10.5% | 8,412 (8,173) | ▲ 2.9% | 31,549 (26,559) | ▲ 18.8% |
| Lots Sold | 2,154 (2,250) | ▼ 4.3% | 5,865 (5,381) | ▲ 9.0% | 22,116 (19,268) | ▲ 14.8% |
| Percent Sold | 72.8% (68.0%) | ▲ 7.1% | 69.7% (65.8%) | ▲ 5.9% | 70.1% (72.5%) | ▼ 3.3% |
| Total Raised | £362.2M (£353.1M) | ▲ 2.6% | £994.6M (£901.6M) | ▲ 10.3% | £3,724.9M (£3,552.6M) | ▲ 4.9% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| December 2023 | October 2023 to December 2023 | January 2023 to December 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 442 (356) | ▲ 24.2% | 1,171 (991) | ▲ 18.2% | 4,453 (4,327) | ▲ 2.9% |
| Lots Sold | 319 (257) | ▲ 24.1% | 782 (699) | ▲ 11.9% | 3,098 (3,024) | ▲ 2.4% |
| Percent Sold | 72.2% (72.2%) | ▼ 0.0% | 66.8% (70.5%) | ▼ 5.2% | 69.6% (69.9%) | ▼ 0.4% |
| Total Raised | £105.7M (£92.9M) | ▲ 13.8% | £286.1M (£258.8M) | ▲ 10.6% | £1,035.2M (£1,138.0M) | ▼ 9.0% |
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)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 442 (358) | ▲ 23.5% | 396 (313) | ▲ 26.5% | 46 (45) | ▲ 2.2% |
| Lots Sold | 322 (246) | ▲ 30.9% | 290 (212) | ▲ 36.8% | 32 (34) | ▼ 5.9% |
| Percent Sold | 72.9% (68.7%) | ▲ 6.1% | 73.2% (67.7%) | ▲ 8.1% | 69.6% (75.6%) | ▼ 7.9% |
| Total Raised | £54.8M (£50.1M) | ▲ 9.4% | £46.9M (£35.9M) | ▲ 30.8% | £7.9M (£14.2M) | ▼ 44.2% |
East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 704 (704) | ▼ 0.0% | 612 (635) | ▼ 3.6% | 92 (69) | ▲ 33.3% |
| Lots Sold | 531 (473) | ▲ 12.3% | 456 (419) | ▲ 8.8% | 75 (54) | ▲ 38.9% |
| Percent Sold | 75.4% (67.2%) | ▲ 12.2% | 74.5% (66.0%) | ▲ 12.9% | 81.5% (78.3%) | ▲ 4.1% |
| Total Raised | £82.3M (£75.7M) | ▲ 8.8% | £63.4M (£59.0M) | ▲ 7.4% | £18.9M (£16.7M) | ▲ 13.6% |
London
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 720 (726) | ▼ 0.8% | 656 (644) | ▲ 1.9% | 64 (82) | ▼ 22.0% |
| Lots Sold | 518 (499) | ▲ 3.8% | 472 (432) | ▲ 9.3% | 46 (67) | ▼ 31.3% |
| Percent Sold | 71.9% (68.7%) | ▲ 4.7% | 72.0% (67.1%) | ▲ 7.3% | 71.9% (81.7%) | ▼ 12.0% |
| Total Raised | £245.5M (£233.6M) | ▲ 5.1% | £206.8M (£179.2M) | ▲ 15.4% | £38.8M (£54.4M) | ▼ 28.8% |
North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 679 (602) | ▲ 12.8% | 632 (577) | ▲ 9.5% | 47 (25) | ▲ 88.0% |
| Lots Sold | 489 (381) | ▲ 28.3% | 458 (362) | ▲ 26.5% | 31 (19) | ▲ 63.2% |
| Percent Sold | 72.0% (63.3%) | ▲ 13.7% | 72.5% (62.7%) | ▲ 15.6% | 66.0% (76.0%) | ▼ 13.2% |
| Total Raised | £34.9M (£32.2M) | ▲ 8.2% | £30.2M (£23.9M) | ▲ 26.1% | £4.7M (£8.3M) | ▼ 43.2% |
North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,457 (1,475) | ▼ 1.2% | 1,331 (1,332) | ▼ 0.1% | 126 (143) | ▼ 11.9% |
| Lots Sold | 976 (961) | ▲ 1.6% | 892 (869) | ▲ 2.6% | 84 (92) | ▼ 8.7% |
| Percent Sold | 67.0% (65.2%) | ▲ 2.8% | 67.0% (65.2%) | ▲ 2.8% | 66.7% (64.3%) | ▲ 3.7% |
| Total Raised | £124.4M (£104.0M) | ▲ 19.6% | £93.6M (£82.8M) | ▲ 12.9% | £30.8M (£21.2M) | ▲ 45.5% |
North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 670 (615) | ▲ 8.9% | 584 (552) | ▲ 5.8% | 86 (63) | ▲ 36.5% |
| Lots Sold | 469 (417) | ▲ 12.5% | 410 (376) | ▲ 9.0% | 59 (41) | ▲ 43.9% |
| Percent Sold | 70.0% (67.8%) | ▲ 3.2% | 70.2% (68.1%) | ▲ 3.1% | 68.6% (65.1%) | ▲ 5.4% |
| Total Raised | £131.6M (£110.6M) | ▲ 19.0% | £96.1M (£87.2M) | ▲ 10.3% | £35.4M (£23.4M) | ▲ 51.4% |
Northern Ireland
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 63 (58) | ▲ 8.6% | 46 (43) | ▲ 7.0% | 17 (15) | ▲ 13.3% |
| Lots Sold | 25 (15) | ▲ 66.7% | 19 (9) | ▲ 111.1% | 6 (6) | ▼ 0.0% |
| Percent Sold | 39.7% (25.9%) | ▲ 53.3% | 41.3% (20.9%) | ▲ 97.6% | 35.3% (40.0%) | ▼ 11.8% |
| Total Raised | £2.1M (£4.3M) | ▼ 50.4% | £2.0M (£2.3M) | ▼ 14.6% | £0.2M (£2.0M) | ▼ 91.3% |
Scotland
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 284 (257) | ▲ 10.5% | 170 (174) | ▼ 2.3% | 114 (83) | ▲ 37.3% |
| Lots Sold | 112 (92) | ▲ 21.7% | 66 (52) | ▲ 26.9% | 46 (40) | ▲ 15.0% |
| Percent Sold | 39.4% (35.8%) | ▲ 10.1% | 38.8% (29.9%) | ▲ 29.8% | 40.4% (48.2%) | ▼ 16.2% |
| Total Raised | £19.4M (£8.7M) | ▲ 123.3% | £5.4M (£2.9M) | ▲ 82.5% | £14.0M (£5.7M) | ▲ 144.2% |
South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,455 (1,258) | ▲ 15.7% | 1,322 (1,132) | ▲ 16.8% | 133 (126) | ▲ 5.6% |
| Lots Sold | 978 (807) | ▲ 21.2% | 881 (716) | ▲ 23.0% | 97 (91) | ▲ 6.6% |
| Percent Sold | 67.2% (64.1%) | ▲ 4.8% | 66.6% (63.3%) | ▲ 5.2% | 72.9% (72.2%) | ▲ 1.0% |
| Total Raised | £224.0M (£190.4M) | ▲ 17.6% | £182.6M (£155.6M) | ▲ 17.4% | £41.4M (£34.9M) | ▲ 18.6% |
South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 794 (681) | ▲ 16.6% | 644 (585) | ▲ 10.1% | 150 (96) | ▲ 56.3% |
| Lots Sold | 585 (497) | ▲ 17.7% | 471 (419) | ▲ 12.4% | 114 (78) | ▲ 46.2% |
| Percent Sold | 73.7% (73.0%) | ▲ 1.0% | 73.1% (71.6%) | ▲ 2.1% | 76.0% (81.2%) | ▼ 6.4% |
| Total Raised | £122.0M (£107.2M) | ▲ 13.8% | £91.9M (£87.0M) | ▲ 5.6% | £30.1M (£20.2M) | ▲ 49.0% |
Wales
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 647 (575) | ▲ 12.5% | 553 (498) | ▲ 11.0% | 94 (77) | ▲ 22.1% |
| Lots Sold | 403 (368) | ▲ 9.5% | 350 (318) | ▲ 10.1% | 53 (50) | ▲ 6.0% |
| Percent Sold | 62.3% (64.0%) | ▼ 2.7% | 63.3% (63.9%) | ▼ 0.9% | 56.4% (64.9%) | ▼ 13.1% |
| Total Raised | £47.0M (£47.1M) | ▼ 0.1% | £38.2M (£37.3M) | ▲ 2.5% | £8.8M (£9.8M) | ▼ 10.1% |
West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 905 (965) | ▼ 6.2% | 798 (853) | ▼ 6.4% | 107 (112) | ▼ 4.5% |
| Lots Sold | 682 (715) | ▼ 4.6% | 602 (628) | ▼ 4.1% | 80 (87) | ▼ 8.0% |
| Percent Sold | 75.4% (74.1%) | ▲ 1.8% | 75.4% (73.6%) | ▲ 2.4% | 74.8% (77.7%) | ▼ 3.7% |
| Total Raised | £112.6M (£122.7M) | ▼ 8.3% | £80.6M (£91.5M) | ▼ 11.9% | £31.9M (£31.2M) | ▲ 2.2% |
Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| October 2023 to December 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 763 (890) | ▼ 14.3% | 668 (835) | ▼ 20.0% | 95 (55) | ▲ 72.7% |
| Lots Sold | 557 (609) | ▼ 8.5% | 498 (569) | ▼ 12.5% | 59 (40) | ▲ 47.5% |
| Percent Sold | 73.0% (68.4%) | ▲ 6.7% | 74.6% (68.1%) | ▲ 9.5% | 62.1% (72.7%) | ▼ 14.6% |
| Total Raised | £80.1M (£73.7M) | ▲ 8.8% | £57.0M (£56.9M) | ▲ 0.1% | £23.2M (£16.7M) | ▲ 38.4% |
The figures are based on sales data provided to us property auctioneers.
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