Residential property was the primary area of growth, with the number of lots up 4.2% year-on-year and the value of sales up 13.5% - while commercial property saw a more mixed picture, with the number of lots sold down 9.2% and receipts falling nearly 10%.
This reflects "a more cautious mood among investors in that sector," said David Sanderman, managing director of EIG. "Even so, several regions including the East Midlands, North-West, North-West Home Counties, and Yorkshire & The Humber reported double-digit gains in total raised, highlighting a robust appetite in key markets despite varying local trends."
Stuart Collar-Brown, NAVA Propertymark President, comments:
“The outstanding growth in the residential sector year-on-year further demonstrates what we are seeing in the market as more people are considering selling by auction for the higher level of security and certainty during these uncertain times. Many of our Propertymark members reported that one of the challenges they are facing from buyers is the higher Stamp Duty threshold due to the fact most buyers are not buying properties to live in as their home.
“The commercial market has some way to go but this is mainly down to a lack of confidence in the retail market where the unsettled inflation rate is hurting the High Street and thus making commercial buyers cautious especially if leases have less than 2 years remaining but with the said, we are seeing a generic shift from investors from residential to the commercial/industrial sector.”
