Essential Auction News
The property auction market is currently exhibiting a mixed performance, with notable strengths in the residential sector contrasted by challenges in the commercial sector. Residential auctions demonstrated significant growth, with a 3.8% increase in lots offered in May 2024 and an impressive 11.4% rise over the year. This sector's buoyancy is further underscored by a 5.4% increase in lots sold in May and an 11.5% annual growth, driven by quicker sale processes for vendors and higher demand from buyers seeking ideal homes and investments. The total raised in residential auctions also saw a healthy 2.8% increase in May and a substantial 6.4% annual growth, indicating a strengthening market health.
Conversely, the commercial auction sector is facing headwinds, particularly regarding stock volume and sales. May 2024 saw a 12.8% decrease in lots offered and a 13.2% drop in lots sold. Despite these declines, the total raised in commercial auctions increased by 10.8%, suggesting that higher-value transactions are taking place. However, the overall success rate has slightly declined, reflecting ongoing challenges in this segment.
Regionally, the market exhibits considerable variability, with areas like East Anglia, the East Midlands, and the North-East showing substantial growth, while London, Scotland, and Wales experience declines due to varying auction dates and local market conditions. This regional disparity highlights the need for localised analysis within the broader auction market trends.
Please note the newsletter can also be viewed online. Kind regards David Sandeman
davids@eigroup.co.uk P.S. Here at the Essential Information Group we maintain a database of virtually every property coming up for sale at auction as well as almost 900,000 lots that have been to auction in the past. It is fully searchable and allows you to identify properties coming up for sale that you might be interested in, and to see what similar properties have sold for in the past. If you would like a trial of our website, please register here. |
|
Overall Statistics May 2024 |
| Total Lots Offered |
3,860 |
| Total Lots Sold |
2,797 |
| Percent Sold |
72.5% |
| Total Realised |
£532,441,900 |
|
|
National Auction Analysis
OverallN.B. Figures in brackets denote the comparative period last year
|
May 2024 |
March 2024 to May 2024 |
June 2023 to May 2024 |
| Lots Offered |
3,860 (3,796) |
▲ 1.7% |
9,890 (9,740) |
▲ 1.5% |
37,174 (33,706) |
▲ 10.3% |
| Lots Sold |
2,797 (2,714) |
▲ 3.1% |
7,076 (6,926) |
▲ 2.2% |
26,201 (23,851) |
▲ 9.9% |
| Percent Sold |
72.5% (71.5%) |
▲ 1.4% |
71.5% (71.1%) |
▲ 0.6% |
70.5% (70.8%) |
▼ 0.4% |
| Total Raised |
£532.4M (£510.8M) |
▲ 4.2% |
£1,357.0M (£1,319.8M) |
▲ 2.8% |
£4,965.9M (£4,799.3M) |
▲ 3.5% |
ResidentialN.B. Figures in brackets denote the comparative period last year
|
May 2024 |
March 2024 to May 2024 |
June 2023 to May 2024 |
| Lots Offered |
3,436 (3,310) |
▲ 3.8% |
8,749 (8,470) |
▲ 3.3% |
32,763 (29,399) |
▲ 11.4% |
| Lots Sold |
2,502 (2,374) |
▲ 5.4% |
6,297 (6,021) |
▲ 4.6% |
23,181 (20,797) |
▲ 11.5% |
| Percent Sold |
72.8% (71.7%) |
▲ 1.5% |
72.0% (71.1%) |
▲ 1.3% |
70.8% (70.7%) |
▲ 0.1% |
| Total Raised |
£428.0M (£416.5M) |
▲ 2.8% |
£1,092.0M (£1,057.4M) |
▲ 3.3% |
£3,916.4M (£3,679.9M) |
▲ 6.4% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
May 2024 |
March 2024 to May 2024 |
June 2023 to May 2024 |
| Lots Offered |
424 (486) |
▼ 12.8% |
1,141 (1,270) |
▼ 10.2% |
4,411 (4,307) |
▲ 2.4% |
| Lots Sold |
295 (340) |
▼ 13.2% |
779 (905) |
▼ 13.9% |
3,020 (3,054) |
▼ 1.1% |
| Percent Sold |
69.6% (70.0%) |
▼ 0.6% |
68.3% (71.3%) |
▼ 4.2% |
68.5% (70.9%) |
▼ 3.4% |
| Total Raised |
£104.4M (£94.2M) |
▲ 10.8% |
£265.0M (£262.4M) |
▲ 1.0% |
£1,049.5M (£1,119.4M) |
▼ 6.2% |
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
(Includes Cambridgeshire, Norfolk, Suffolk)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
492 (434) |
▲ 13.4% |
436 (375) |
▲ 16.3% |
56 (59) |
▼ 5.1% |
| Lots Sold |
367 (322) |
▲ 14.0% |
323 (276) |
▲ 17.0% |
44 (46) |
▼ 4.3% |
| Percent Sold |
74.6% (74.2%) |
▲ 0.5% |
74.1% (73.6%) |
▲ 0.7% |
78.6% (78.0%) |
▲ 0.8% |
| Total Raised |
£62.8M (£60.8M) |
▲ 3.3% |
£49.3M (£46.5M) |
▲ 5.9% |
£13.5M (£14.3M) |
▼ 5.1% |
 East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
770 (661) |
▲ 16.5% |
689 (585) |
▲ 17.8% |
81 (76) |
▲ 6.6% |
| Lots Sold |
561 (448) |
▲ 25.2% |
500 (395) |
▲ 26.6% |
61 (53) |
▲ 15.1% |
| Percent Sold |
72.9% (67.8%) |
▲ 7.5% |
72.6% (67.5%) |
▲ 7.6% |
75.3% (69.7%) |
▲ 8.0% |
| Total Raised |
£96.3M (£84.0M) |
▲ 14.5% |
£73.0M (£71.0M) |
▲ 2.8% |
£23.3M (£13.0M) |
▲ 78.7% |
 London
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
755 (786) |
▼ 3.9% |
686 (690) |
▼ 0.6% |
69 (96) |
▼ 28.1% |
| Lots Sold |
573 (609) |
▼ 5.9% |
524 (539) |
▼ 2.8% |
49 (70) |
▼ 30.0% |
| Percent Sold |
75.9% (77.5%) |
▼ 2.1% |
76.4% (78.1%) |
▼ 2.2% |
71.0% (72.9%) |
▼ 2.6% |
| Total Raised |
£275.8M (£270.6M) |
▲ 1.9% |
£241.2M (£227.9M) |
▲ 5.9% |
£34.5M (£42.7M) |
▼ 19.2% |
 North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
798 (586) |
▲ 36.2% |
743 (539) |
▲ 37.8% |
55 (47) |
▲ 17.0% |
| Lots Sold |
590 (452) |
▲ 30.5% |
552 (410) |
▲ 34.6% |
38 (42) |
▼ 9.5% |
| Percent Sold |
73.9% (77.1%) |
▼ 4.2% |
74.3% (76.1%) |
▼ 2.4% |
69.1% (89.4%) |
▼ 22.7% |
| Total Raised |
£42.3M (£37.0M) |
▲ 14.3% |
£33.9M (£27.1M) |
▲ 25.3% |
£8.3M (£9.9M) |
▼ 16.0% |
 North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,428 (1,584) |
▼ 9.8% |
1,277 (1,381) |
▼ 7.5% |
151 (203) |
▼ 25.6% |
| Lots Sold |
1,006 (1,099) |
▼ 8.5% |
917 (959) |
▼ 4.4% |
89 (140) |
▼ 36.4% |
| Percent Sold |
70.4% (69.4%) |
▲ 1.4% |
71.8% (69.4%) |
▲ 3.5% |
58.9% (69.0%) |
▼ 14.6% |
| Total Raised |
£131.6M (£129.9M) |
▲ 1.3% |
£110.5M (£101.5M) |
▲ 8.8% |
£21.1M (£28.4M) |
▼ 25.6% |
 North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
599 (681) |
▼ 12.0% |
534 (617) |
▼ 13.5% |
65 (64) |
▲ 1.6% |
| Lots Sold |
435 (484) |
▼ 10.1% |
387 (436) |
▼ 11.2% |
48 (48) |
▼ 0.0% |
| Percent Sold |
72.6% (71.1%) |
▲ 2.1% |
72.5% (70.7%) |
▲ 2.5% |
73.8% (75.0%) |
▼ 1.6% |
| Total Raised |
£115.4M (£123.0M) |
▼ 6.2% |
£93.5M (£101.4M) |
▼ 7.7% |
£21.9M (£21.7M) |
▲ 1.0% |
 Northern Ireland
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
46 (42) |
▲ 9.5% |
44 (34) |
▲ 29.4% |
2 (8) |
▼ 75.0% |
| Lots Sold |
22 (18) |
▲ 22.2% |
21 (15) |
▲ 40.0% |
1 (3) |
▼ 66.7% |
| Percent Sold |
47.8% (42.9%) |
▲ 11.4% |
47.7% (44.1%) |
▲ 8.2% |
50.0% (37.5%) |
▲ 33.3% |
| Total Raised |
£2.7M (£1.9M) |
▲ 38.8% |
£2.6M (£1.7M) |
▲ 56.8% |
£0.0M (£0.2M) |
▼ 82.0% |
 Scotland
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
330 (359) |
▼ 8.1% |
241 (219) |
▲ 10.0% |
89 (140) |
▼ 36.4% |
| Lots Sold |
91 (167) |
▼ 45.5% |
60 (94) |
▼ 36.2% |
31 (73) |
▼ 57.5% |
| Percent Sold |
27.6% (46.5%) |
▼ 40.6% |
24.9% (42.9%) |
▼ 42.0% |
34.8% (52.1%) |
▼ 33.2% |
| Total Raised |
£12.7M (£21.2M) |
▼ 39.8% |
£4.8M (£8.1M) |
▼ 41.1% |
£8.0M (£13.1M) |
▼ 39.0% |
 South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,508 (1,433) |
▲ 5.2% |
1,338 (1,250) |
▲ 7.0% |
170 (183) |
▼ 7.1% |
| Lots Sold |
1,066 (1,000) |
▲ 6.6% |
952 (872) |
▲ 9.2% |
114 (128) |
▼ 10.9% |
| Percent Sold |
70.7% (69.8%) |
▲ 1.3% |
71.2% (69.8%) |
▲ 2.0% |
67.1% (69.9%) |
▼ 4.0% |
| Total Raised |
£250.7M (£252.7M) |
▼ 0.8% |
£199.2M (£200.9M) |
▼ 0.8% |
£51.5M (£51.8M) |
▼ 0.6% |
 South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
841 (787) |
▲ 6.9% |
710 (677) |
▲ 4.9% |
131 (110) |
▲ 19.1% |
| Lots Sold |
625 (591) |
▲ 5.8% |
524 (497) |
▲ 5.4% |
101 (94) |
▲ 7.4% |
| Percent Sold |
74.3% (75.1%) |
▼ 1.1% |
73.8% (73.4%) |
▲ 0.5% |
77.1% (85.5%) |
▼ 9.8% |
| Total Raised |
£132.0M (£116.4M) |
▲ 13.4% |
£99.1M (£94.5M) |
▲ 4.8% |
£33.0M (£21.9M) |
▲ 50.5% |
 Wales
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
579 (622) |
▼ 6.9% |
498 (543) |
▼ 8.3% |
81 (79) |
▲ 2.5% |
| Lots Sold |
380 (421) |
▼ 9.7% |
322 (373) |
▼ 13.7% |
58 (48) |
▲ 20.8% |
| Percent Sold |
65.6% (67.7%) |
▼ 3.1% |
64.7% (68.7%) |
▼ 5.8% |
71.6% (60.8%) |
▲ 17.8% |
| Total Raised |
£42.1M (£51.4M) |
▼ 18.2% |
£33.9M (£41.6M) |
▼ 18.6% |
£8.2M (£9.8M) |
▼ 16.4% |
 West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
981 (946) |
▲ 3.7% |
864 (836) |
▲ 3.3% |
117 (110) |
▲ 6.4% |
| Lots Sold |
766 (718) |
▲ 6.7% |
679 (633) |
▲ 7.3% |
87 (85) |
▲ 2.4% |
| Percent Sold |
78.1% (75.9%) |
▲ 2.9% |
78.6% (75.7%) |
▲ 3.8% |
74.4% (77.3%) |
▼ 3.8% |
| Total Raised |
£123.3M (£111.0M) |
▲ 11.1% |
£96.8M (£87.9M) |
▲ 10.2% |
£26.5M (£23.1M) |
▲ 14.9% |
 Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| March 2024 to May 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
763 (819) |
▼ 6.8% |
689 (724) |
▼ 4.8% |
74 (95) |
▼ 22.1% |
| Lots Sold |
594 (597) |
▼ 0.5% |
536 (522) |
▲ 2.7% |
58 (75) |
▼ 22.7% |
| Percent Sold |
77.9% (72.9%) |
▲ 6.9% |
77.8% (72.1%) |
▲ 7.9% |
78.4% (78.9%) |
▼ 0.6% |
| Total Raised |
£69.2M (£59.8M) |
▲ 15.8% |
£54.1M (£47.3M) |
▲ 14.4% |
£15.1M (£12.5M) |
▲ 21.0% |
Disclaimer: The figures in this newsletter are based on sales data provided to us by the auctioneers.
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