Industry News

EIG July 2017 Newsletter - Essential Auction News

Publish Date: 17 July 2017

By Beth Fox

Welcome to the July newsletter:

Looking back at auction activity in June and preceding periods

126 auctions were held across the UK last month, 18 fewer than in June 2016, yet the market saw very little change in terms of overall performance. The number of lots offered increased by one solitary instruction, to 2,663 lots, whilst there were 14 fewer lots sold - down 0.7% to 1,947 lots. The total amount raised fell 3.7% to £267M, down £10M from June 2016.

The rolling quarterly and yearly figures show small falls in lots offered, lots sold and amount raised, but sale rates remain consistently healthy at around 76% indicating that demand remains high for keenly priced lots.

Overall Statistics June 2017

Auctions Held in the UK             126
Total Lots Offered                 2,663
Total Lots Sold                         1,947
Percent Sold                          73.1%
Total Realised           £266,830,790

National Auction Analysis

The residential market saw a small increase in lots offered last month, up 1.5% to 2,317 lots, whilst lots sold fell by 0.6% to 1,684 lots. The rolling quarterly figures show minor fluctuations, but overall the sector's recent results have been largely comparable to those recorded last year.

In the commercial market, lots offered and sold fell by 9% and 1.5% respectively last month, whilst the amount raised dropped by £1M to £33M. However, none of the major commercial auctioneers held an auction in June so you can't read too much into these figures, as they will be predominantly made up of commercial lots offered by residential auctioneers.

Having witnessed commercial lot volumes increase throughout the first quarter of 2017, it is slightly surprising to see those trends reversed in the second quarter, with lots offered and sold down 10% on Q2 2016. One contributing factor could have been the furore surrounding the general election; from the unexpected announcement in April through to the extraordinary conclusion of a hung parliament on June 9th. Now the dust has settled one hopes that the market strengthens again through the second half of the year.

A word from the editor: I welcome any feedback or questions you may have about our newsletters or the wider market in general.

Kind regards, David Sandeman

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