Essential Information Group report that total lots sold in at auction in September was the most since their records began in 1991.There were 205 UK property auctions held during September - the highest number recorded since September 2011. Figures show that monthly lots offered was up 7.6% on September last year to 4,027 lots, mainly due to another strong showing in the residential market.
Lots sold increased by a more modest 1.5% whilst the total amount raised at UK auctions saw yet another double-digit percentage rise to £394.7M (up (10.9%). Sizeable gains were also made in the quarterly and yearly figures, with lots offered increasing by 6% and 4% respectively whilst total revenues grew by 11% and 16% respectively. EI Group’s historic data also shows that the 6,603 lots sold in Q3 is the highest number recorded in the third quarter since our records began in 1991, narrowly surpassing the 6,602 lots sold in Q3 2007.
Despite a small dip in the sale rate, the residential market continued its upward trend with gains made in every other measurable metric. Notably, residential lots offered was up 10.9% in September to just shy of 3,500 lots, whilst the quarterly and yearly figures display equally strong gains of 8% and 4.5% respectively.
The commercial market experienced a challenging month, with lots offered and lots sold falling by 9.7% and 21.7% respectively. Figures for the rolling year remain positive, however, as lots offered and lots sold both saw increases of over 2% whilst total revenues have grown by over 19% in the past 12 months to £1.27bn.