Essential Auction News
Welcome to the March newsletter that looks back at auction activity in February and preceding periods. I am pleased to report on a strong set of auction results last month, with overall lots offered up almost 6% to 4,067 lots and a 3% increase in sales to 3,087 lots.
Ignoring the anomaly of February 2016 when we saw an unprecedented spike in transactions due to the impending stamp duty changes, the 3,436 residential lots offered is the highest volume ever recorded in February; easily surpassing the previous record of 3.330 residential lots offered in February 2017. More on this below.
As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.
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Overall Statistics February 2018 |
| Auctions Held in the UK |
119 |
| Total Lots Offered |
4,068 |
| Total Lots Sold |
3,096 |
| Percent Sold |
76.1% |
| Total Realised |
£565,106,404 |
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National Auction Analysis
As mentioned above, the residential sector has certainly gone from strength to strength recently. Apart from a very slight fall in the monthly sale rate; down half a percent to 76.2%, there were gains made in every other measurable parameter. Notably, residential lots offered increased by 8% in February, to 3,437 lots, and by 5% in the rolling quarter - up from 6,627 lots to 6,982 lots. A similar pattern is evident in the residential sale volumes - up 7% in February, 5% in the last 3 months and by almost 3% in the past year.
In the commercial sector, whilst all 12 metrics are down on their corresponding periods last year it should be noted that historically the London commercial auctioneers account for approximately 45% of all commercial lots sold and 75% of all commercial amount raised. Our records show that their results in February were down only 9% in lots sold and by just 4% in amount raised, indicating that the figures below are reflective of the drop in commercial stock being offered by residential auctioneers.
OverallN.B. Figures in brackets denote the comparative period last year
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February 2018 |
December 2017 to February 2018 |
March 2017 to February 2018 |
| Lots Offered |
4,068 (3,849) |
▲ 5.7% |
8,259 (8,025) |
▲ 2.9% |
33,257 (33,203) |
▲ 0.2% |
| Lots Sold |
3,096 (2,989) |
▲ 3.6% |
6,283 (6,180) |
▲ 1.7% |
25,422 (25,191) |
▲ 0.9% |
| Percent Sold |
76.1% (77.7%) |
▼ 2.1% |
76.1% (77.0%) |
▼ 1.2% |
76.4% (75.9%) |
▲ 0.7% |
| Total Raised |
£565M (£571M) |
▼ 1.0% |
£1,132M (£1,145M) |
▼ 1.1% |
£4,595M (£4,542M) |
▲ 1.2% |
ResidentialN.B. Figures in brackets denote the comparative period last year
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February 2018 |
December 2017 to February 2018 |
March 2017 to February 2018 |
| Lots Offered |
3,437 (3,183) |
▲ 8.0% |
6,982 (6,627) |
▲ 5.4% |
27,800 (27,375) |
▲ 1.6% |
| Lots Sold |
2,620 (2,438) |
▲ 7.5% |
5,324 (5,046) |
▲ 5.5% |
21,157 (20,578) |
▲ 2.8% |
| Percent Sold |
76.2% (76.6%) |
▼ 0.5% |
76.3% (76.1%) |
▲ 0.3% |
76.1% (75.2%) |
▲ 1.2% |
| Total Raised |
£426M (£403M) |
▲ 5.6% |
£799M (£759M) |
▲ 5.3% |
£3,190M (£3,130M) |
▲ 1.9% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
February 2018 |
December 2017 to February 2018 |
March 2017 to February 2018 |
| Lots Offered |
631 (666) |
▼ 5.3% |
1,277 (1,398) |
▼ 8.7% |
5,457 (5,828) |
▼ 6.4% |
| Lots Sold |
476 (551) |
▼ 13.6% |
959 (1,134) |
▼ 15.4% |
4,265 (4,613) |
▼ 7.5% |
| Percent Sold |
75.4% (82.7%) |
▼ 8.8% |
75.1% (81.1%) |
▼ 7.4% |
78.2% (79.2%) |
▼ 1.3% |
| Total Raised |
£139M (£167M) |
▼ 16.8% |
£332M (£386M) |
▼ 13.8% |
£1,405M (£1,412M) |
▼ 0.5% |
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
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
283 (247) |
▲ 14.6% |
222 (191) |
▲ 16.2% |
61 (56) |
▲ 8.9% |
| Lots Sold |
230 (189) |
▲ 21.7% |
180 (144) |
▲ 25.0% |
50 (45) |
▲ 11.1% |
| Percent Sold |
81.3% (76.5%) |
▲ 6.3% |
81.1% (75.4%) |
▲ 7.6% |
82.0% (80.4%) |
▲ 2.0% |
| Total Raised |
£40M (£33M) |
▲ 19.5% |
£24M (£21M) |
▲ 12.5% |
£16M (£12M) |
▲ 31.5% |
 East Midlands
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
566 (564) |
▲ 0.4% |
463 (480) |
▼ 3.5% |
103 (84) |
▲ 22.6% |
| Lots Sold |
455 (434) |
▲ 4.8% |
374 (366) |
▲ 2.2% |
81 (68) |
▲ 19.1% |
| Percent Sold |
80.4% (77.0%) |
▲ 4.4% |
80.8% (76.3%) |
▲ 5.9% |
78.6% (81.0%) |
▼ 3.0% |
| Total Raised |
£70M (£60M) |
▲ 16.1% |
£44M (£37M) |
▲ 18.7% |
£25M (£23M) |
▲ 11.8% |
 London
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
746 (795) |
▼ 6.2% |
675 (723) |
▼ 6.6% |
71 (72) |
▼ 1.4% |
| Lots Sold |
559 (586) |
▼ 4.6% |
504 (525) |
▼ 4.0% |
55 (61) |
▼ 9.8% |
| Percent Sold |
74.9% (73.7%) |
▲ 1.6% |
74.7% (72.6%) |
▲ 2.9% |
77.5% (84.7%) |
▼ 8.5% |
| Total Raised |
£244M (£284M) |
▼ 14.0% |
£198M (£226M) |
▼ 12.3% |
£45M (£57M) |
▼ 21.0% |
 North-East
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
817 (769) |
▲ 6.2% |
769 (716) |
▲ 7.4% |
48 (53) |
▼ 9.4% |
| Lots Sold |
627 (588) |
▲ 6.6% |
593 (549) |
▲ 8.0% |
34 (39) |
▼ 12.8% |
| Percent Sold |
76.7% (76.5%) |
▲ 0.3% |
77.1% (76.7%) |
▲ 0.5% |
70.8% (73.6%) |
▼ 3.8% |
| Total Raised |
£45M (£46M) |
▼ 3.0% |
£41M (£37M) |
▲ 9.0% |
£4M (£9M) |
▼ 51.6% |
 North-West
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
1,499 (1,400) |
▲ 7.1% |
1,267 (1,119) |
▲ 13.2% |
232 (281) |
▼ 17.4% |
| Lots Sold |
1,114 (1,075) |
▲ 3.6% |
956 (848) |
▲ 12.7% |
158 (227) |
▼ 30.4% |
| Percent Sold |
74.3% (76.8%) |
▼ 3.3% |
75.5% (75.8%) |
▼ 0.4% |
68.1% (80.8%) |
▼ 15.7% |
| Total Raised |
£108M (£113M) |
▼ 4.3% |
£77M (£64M) |
▲ 19.2% |
£32M (£49M) |
▼ 35.2% |
 North-West Home Counties
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
415 (372) |
▲ 11.6% |
341 (294) |
▲ 16.0% |
74 (78) |
▼ 5.1% |
| Lots Sold |
312 (297) |
▲ 5.1% |
252 (224) |
▲ 12.5% |
60 (73) |
▼ 17.8% |
| Percent Sold |
75.2% (79.8%) |
▼ 5.8% |
73.9% (76.2%) |
▼ 3.0% |
81.1% (93.6%) |
▼ 13.4% |
| Total Raised |
£118M (£101M) |
▲ 16.9% |
£78M (£63M) |
▲ 24.7% |
£40M (£38M) |
▲ 4.4% |
 Northern Ireland
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
185 (212) |
▼ 12.7% |
167 (195) |
▼ 14.4% |
18 (17) |
▲ 5.9% |
| Lots Sold |
84 (106) |
▼ 20.8% |
78 (96) |
▼ 18.8% |
6 (10) |
▼ 40.0% |
| Percent Sold |
45.4% (50.0%) |
▼ 9.2% |
46.7% (49.2%) |
▼ 5.1% |
33.3% (58.8%) |
▼ 43.4% |
| Total Raised |
£7M (£7M) |
▼ 10.5% |
£6M (£7M) |
▼ 3.4% |
£0M (£1M) |
▼ 68.3% |
 Scotland
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
169 (264) |
▼ 36.0% |
113 (181) |
▼ 37.6% |
56 (83) |
▼ 32.5% |
| Lots Sold |
104 (191) |
▼ 45.5% |
65 (122) |
▼ 46.7% |
39 (69) |
▼ 43.5% |
| Percent Sold |
61.5% (72.3%) |
▼ 14.9% |
57.5% (67.4%) |
▼ 14.7% |
69.6% (83.1%) |
▼ 16.2% |
| Total Raised |
£17M (£23M) |
▼ 27.9% |
£2M (£7M) |
▼ 65.4% |
£14M (£16M) |
▼ 11.3% |
 South-East Home Counties
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
1,065 (947) |
▲ 12.5% |
890 (760) |
▲ 17.1% |
175 (187) |
▼ 6.4% |
| Lots Sold |
824 (750) |
▲ 9.9% |
685 (601) |
▲ 14.0% |
139 (149) |
▼ 6.7% |
| Percent Sold |
77.4% (79.2%) |
▼ 2.3% |
77.0% (79.1%) |
▼ 2.7% |
79.4% (79.7%) |
▼ 0.4% |
| Total Raised |
£207M (£212M) |
▼ 2.1% |
£149M (£130M) |
▲ 14.6% |
£59M (£82M) |
▼ 28.6% |
 South-West
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
406 (358) |
▲ 13.4% |
316 (272) |
▲ 16.2% |
90 (86) |
▲ 4.7% |
| Lots Sold |
318 (304) |
▲ 4.6% |
244 (228) |
▲ 7.0% |
74 (76) |
▼ 2.6% |
| Percent Sold |
78.3% (84.9%) |
▼ 7.8% |
77.2% (83.8%) |
▼ 7.9% |
82.2% (88.4%) |
▼ 7.0% |
| Total Raised |
£72M (£73M) |
▼ 0.2% |
£47M (£44M) |
▲ 7.9% |
£25M (£29M) |
▼ 12.8% |
 Wales
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
492 (445) |
▲ 10.6% |
387 (344) |
▲ 12.5% |
105 (101) |
▲ 4.0% |
| Lots Sold |
361 (347) |
▲ 4.0% |
287 (274) |
▲ 4.7% |
74 (73) |
▲ 1.4% |
| Percent Sold |
73.4% (78.0%) |
▼ 5.9% |
74.2% (79.7%) |
▼ 6.9% |
70.5% (72.3%) |
▼ 2.5% |
| Total Raised |
£39M (£30M) |
▲ 33.2% |
£24M (£18M) |
▲ 34.4% |
£16M (£12M) |
▲ 31.3% |
 West Midlands
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
903 (827) |
▲ 9.2% |
793 (665) |
▲ 19.2% |
110 (162) |
▼ 32.1% |
| Lots Sold |
726 (656) |
▲ 10.7% |
640 (526) |
▲ 21.7% |
86 (130) |
▼ 33.8% |
| Percent Sold |
80.4% (79.3%) |
▲ 1.4% |
80.7% (79.1%) |
▲ 2.0% |
78.2% (80.2%) |
▼ 2.5% |
| Total Raised |
£97M (£91M) |
▲ 6.3% |
£68M (£56M) |
▲ 21.6% |
£29M (£35M) |
▼ 18.2% |
 Yorkshire and The Humber
| December 2017 to February 2018 |
Total |
Residential |
Commercial |
| Lots Offered |
713 (825) |
▼ 13.6% |
579 (687) |
▼ 15.7% |
134 (138) |
▼ 2.9% |
| Lots Sold |
569 (657) |
▼ 13.4% |
466 (543) |
▼ 14.2% |
103 (114) |
▼ 9.6% |
| Percent Sold |
79.8% (79.6%) |
▲ 0.3% |
80.5% (79.0%) |
▲ 1.9% |
76.9% (82.6%) |
▼ 6.9% |
| Total Raised |
£67M (£71M) |
▼ 5.3% |
£41M (£49M) |
▼ 17.4% |
£27M (£22M) |
▲ 21.9% |
Your Comments
If you would like to comment on anything in this email, or have any suggestions for future newsletters, we would like to hear from you. So please email us anytime.
A word from the editor
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As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.
Kind regards
David Sandeman
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