EIG January 2017 Newsletter - Essential Auction News
Publish Date: 17 January 2017
By Beth Fox
Further reading
EIG December 2016 Newsletter - Essential Auction News
EIG and National Westminster Bank co-host an Auctioneer's lunch at Drummonds Private Bank
Welcome to the first newsletter of 2017 which looks back at auction activity in December and preceding periods.
Having reported on a challenging few months towards the latter part of last year, it is pleasing to see that the industry enjoyed an extremely positive end to proceedings and set new records in the process.
Overall lots offered in December was up over 12%, from 3,336 lots to 3,745 lots, whilst lots sold increased by 9%, from 2,591 to 2,830. This is the largest ever number of lots offered and sold during December, beating the previous highs recorded in December 2007 (3,529 lots offered) and December 2013 (2,675 lots sold).
Finally, the amount raised also saw a sizeable increase - up 5% to £537M, the largest amount realised in December for 10 years.
Overall Statistics December 2016
Auctions Held in the UK 110
Total Lots Offered 3,745
Total Lots Sold 2,830
Percent Sold 75.6%
Total Realised £536,773,550
National Auction Analysis
Residential lots offered increased by almost 12% in December, equating to 317 more lots being offered when compared with December 2015. The large gain in the number of residential instructions helped propel Q4 into a 1.4% gain in this regard, from 7,246 in Q4 15 to 7,351 in Q4 16, whilst annually the market saw growth of 4.2% equating to 1,136 more lots being offered compared with 2015.
The commercial sector saw a 15% rise in lots offered during December, up from 623 lots to 715 lots, whilst lots sold increased by almost 12% from 508 to 567 lots. The rolling quarter and annual figures for lots offered and lots sold saw single digit declines, but the sale rate remained constant and the all-important amount raised went up by 21%, 5% and 9% for the month, quarter and year respectively indicating a buoyant market and increased lot sizes.
A word from the editor: As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.
May I take this opportunity to wish you a happy and prosperous New Year!
Kind regards,
David Sandeman
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