Essential Auction News
August is traditionally a quieter month for property auctions, and this year followed that trend. Fewer auctions were held (64 compared to 73 in 2023), and with some of the larger sales shifting into July, this had a knock-on effect on national metrics. The number of lots offered dropped by 20.1% to 1,417, while lots sold decreased by 14.6% to 965. However, the success rate improved, with 68.1% of lots sold, a 6.9% increase from August 2023. Despite the dip in lots offered and sold, the market remains buoyant when considering the broader context. Over the past 12 months, lots offered increased by 9.6% to 38,293, while lots sold rose by 12.5% to 27,353. The total raised during this period reached £5.26 billion, reflecting a 12.5% increase, demonstrating the market's resilience amid short-term fluctuations.
Regional statistics from June to August 2024 show notable variability across the UK. The North-East led the way with a 67.5% increase in lots offered and an 89.8% rise in lots sold, while London also saw strong results, with a 21.9% increase in lots offered and a 60.2% rise in total funds raised. Meanwhile, Northern Ireland and Scotland posted mixed results, with Northern Ireland experiencing a 35.6% drop in lots offered but a significant 73.1% rise in funds raised. Scotland remained relatively stable with modest increases in sales.
Overall, despite seasonal fluctuations and regional differences, the UK auction market continues to show resilience and adaptability. As we approach the autumn months, a busy and robust end to the year is anticipated and could see record numbers before the year end.
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 August 2024 |
| Total Lots Offered |
1,417 |
| Total Lots Sold |
965 |
| Percent Sold |
68.1% |
| Total Realised |
£150,628,700 |
|
|
National Auction Analysis
OverallN.B. Figures in brackets denote the comparative period last year
|
August 2024 |
June 2024 to August 2024 |
September 2023 to August 2024 |
| Lots Offered |
1,417 (1,773) |
▼ 20.1% |
8,808 (7,671) |
▲ 14.8% |
38,294 (34,950) |
▲ 9.6% |
| Lots Sold |
965 (1,130) |
▼ 14.6% |
6,254 (5,090) |
▲ 22.9% |
27,357 (24,321) |
▲ 12.5% |
| Percent Sold |
68.1% (63.7%) |
▲ 6.9% |
71.0% (66.4%) |
▲ 6.9% |
71.4% (69.6%) |
▲ 2.6% |
| Total Raised |
£150.6M (£180.3M) |
▼ 16.5% |
£1,199.6M (£886.7M) |
▲ 35.3% |
£5,263.0M (£4,679.3M) |
▲ 12.5% |
ResidentialN.B. Figures in brackets denote the comparative period last year
|
August 2024 |
June 2024 to August 2024 |
September 2023 to August 2024 |
| Lots Offered |
1,268 (1,624) |
▼ 21.9% |
7,768 (6,752) |
▲ 15.0% |
33,741 (30,645) |
▲ 10.1% |
| Lots Sold |
886 (1,046) |
▼ 15.3% |
5,529 (4,506) |
▲ 22.7% |
24,187 (21,270) |
▲ 13.7% |
| Percent Sold |
69.9% (64.4%) |
▲ 8.5% |
71.2% (66.7%) |
▲ 6.7% |
71.7% (69.4%) |
▲ 3.3% |
| Total Raised |
£138.9M (£168.4M) |
▼ 17.5% |
£952.4M (£728.1M) |
▲ 30.8% |
£4,136.9M (£3,602.6M) |
▲ 14.8% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
August 2024 |
June 2024 to August 2024 |
September 2023 to August 2024 |
| Lots Offered |
149 (149) |
▼ 0.0% |
1,040 (919) |
▲ 13.2% |
4,553 (4,305) |
▲ 5.8% |
| Lots Sold |
79 (84) |
▼ 6.0% |
725 (584) |
▲ 24.1% |
3,170 (3,051) |
▲ 3.9% |
| Percent Sold |
53.0% (56.4%) |
▼ 6.0% |
69.7% (63.5%) |
▲ 9.8% |
69.6% (70.9%) |
▼ 1.8% |
| Total Raised |
£11.7M (£12.0M) |
▼ 2.2% |
£247.2M (£158.7M) |
▲ 55.8% |
£1,126.1M (£1,076.7M) |
▲ 4.6% |
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)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
382 (379) |
▲ 0.8% |
338 (333) |
▲ 1.5% |
44 (46) |
▼ 4.3% |
| Lots Sold |
264 (258) |
▲ 2.3% |
235 (226) |
▲ 4.0% |
29 (32) |
▼ 9.4% |
| Percent Sold |
69.1% (68.1%) |
▲ 1.5% |
69.5% (67.9%) |
▲ 2.4% |
65.9% (69.6%) |
▼ 5.3% |
| Total Raised |
£47.3M (£39.4M) |
▲ 20.1% |
£40.6M (£33.2M) |
▲ 22.6% |
£6.7M (£6.3M) |
▲ 6.9% |
 East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
694 (563) |
▲ 23.3% |
597 (490) |
▲ 21.8% |
97 (73) |
▲ 32.9% |
| Lots Sold |
507 (389) |
▲ 30.3% |
431 (333) |
▲ 29.4% |
76 (56) |
▲ 35.7% |
| Percent Sold |
73.1% (69.1%) |
▲ 5.8% |
72.2% (68.0%) |
▲ 6.2% |
78.4% (76.7%) |
▲ 2.2% |
| Total Raised |
£78.6M (£71.2M) |
▲ 10.4% |
£61.5M (£55.4M) |
▲ 11.2% |
£17.0M (£15.8M) |
▲ 7.7% |
 London
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
628 (515) |
▲ 21.9% |
572 (479) |
▲ 19.4% |
56 (36) |
▲ 55.6% |
| Lots Sold |
455 (357) |
▲ 27.5% |
409 (331) |
▲ 23.6% |
46 (26) |
▲ 76.9% |
| Percent Sold |
72.5% (69.3%) |
▲ 4.6% |
71.5% (69.1%) |
▲ 3.5% |
82.1% (72.2%) |
▲ 13.7% |
| Total Raised |
£231.8M (£144.7M) |
▲ 60.2% |
£181.9M (£127.6M) |
▲ 42.6% |
£49.9M (£17.1M) |
▲ 191.5% |
 North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
841 (502) |
▲ 67.5% |
820 (484) |
▲ 69.4% |
21 (18) |
▲ 16.7% |
| Lots Sold |
689 (363) |
▲ 89.8% |
675 (352) |
▲ 91.8% |
14 (11) |
▲ 27.3% |
| Percent Sold |
81.9% (72.3%) |
▲ 13.3% |
82.3% (72.7%) |
▲ 13.2% |
66.7% (61.1%) |
▲ 9.2% |
| Total Raised |
£44.0M (£28.6M) |
▲ 53.9% |
£41.7M (£25.6M) |
▲ 62.9% |
£2.3M (£3.0M) |
▼ 23.5% |
 North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,264 (1,128) |
▲ 12.1% |
1,135 (1,025) |
▲ 10.7% |
129 (103) |
▲ 25.2% |
| Lots Sold |
845 (734) |
▲ 15.1% |
766 (665) |
▲ 15.2% |
79 (69) |
▲ 14.5% |
| Percent Sold |
66.9% (65.1%) |
▲ 2.8% |
67.5% (64.9%) |
▲ 4.0% |
61.2% (67.0%) |
▼ 8.7% |
| Total Raised |
£117.4M (£80.9M) |
▲ 45.2% |
£92.0M (£70.5M) |
▲ 30.5% |
£25.4M (£10.4M) |
▲ 144.3% |
 North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
576 (513) |
▲ 12.3% |
502 (468) |
▲ 7.3% |
74 (45) |
▲ 64.4% |
| Lots Sold |
415 (348) |
▲ 19.3% |
369 (318) |
▲ 16.0% |
46 (30) |
▲ 53.3% |
| Percent Sold |
72.0% (67.8%) |
▲ 6.2% |
73.5% (67.9%) |
▲ 8.2% |
62.2% (66.7%) |
▼ 6.7% |
| Total Raised |
£113.6M (£76.9M) |
▲ 47.6% |
£93.9M (£68.5M) |
▲ 37.1% |
£19.6M (£8.4M) |
▲ 132.7% |
 Northern Ireland
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
47 (73) |
▼ 35.6% |
43 (57) |
▼ 24.6% |
4 (16) |
▼ 75.0% |
| Lots Sold |
27 (23) |
▲ 17.4% |
24 (19) |
▲ 26.3% |
3 (4) |
▼ 25.0% |
| Percent Sold |
57.4% (31.5%) |
▲ 82.2% |
55.8% (33.3%) |
▲ 67.6% |
75.0% (25.0%) |
▲ 200.0% |
| Total Raised |
£3.2M (£1.8M) |
▲ 73.1% |
£2.7M (£1.6M) |
▲ 74.5% |
£0.4M (£0.3M) |
▲ 65.0% |
 Scotland
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
331 (340) |
▼ 2.6% |
232 (224) |
▲ 3.6% |
99 (116) |
▼ 14.7% |
| Lots Sold |
129 (112) |
▲ 15.2% |
84 (77) |
▲ 9.1% |
45 (35) |
▲ 28.6% |
| Percent Sold |
39.0% (32.9%) |
▲ 18.5% |
36.2% (34.4%) |
▲ 5.2% |
45.5% (30.2%) |
▲ 50.7% |
| Total Raised |
£12.4M (£10.5M) |
▲ 18.2% |
£5.0M (£5.0M) |
▼ 0.4% |
£7.4M (£5.5M) |
▲ 35.2% |
 South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,366 (1,221) |
▲ 11.9% |
1,220 (1,086) |
▲ 12.3% |
146 (135) |
▲ 8.1% |
| Lots Sold |
953 (792) |
▲ 20.3% |
845 (702) |
▲ 20.4% |
108 (90) |
▲ 20.0% |
| Percent Sold |
69.8% (64.9%) |
▲ 7.6% |
69.3% (64.6%) |
▲ 7.3% |
74.0% (66.7%) |
▲ 10.9% |
| Total Raised |
£221.4M (£172.4M) |
▲ 28.4% |
£173.6M (£142.6M) |
▲ 21.8% |
£47.8M (£29.8M) |
▲ 60.2% |
 South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
765 (616) |
▲ 24.2% |
646 (510) |
▲ 26.7% |
119 (106) |
▲ 12.3% |
| Lots Sold |
602 (468) |
▲ 28.6% |
507 (384) |
▲ 32.0% |
95 (84) |
▲ 13.1% |
| Percent Sold |
78.7% (76.0%) |
▲ 3.6% |
78.5% (75.3%) |
▲ 4.2% |
79.8% (79.2%) |
▲ 0.8% |
| Total Raised |
£122.9M (£92.9M) |
▲ 32.2% |
£97.8M (£73.1M) |
▲ 33.8% |
£25.1M (£19.8M) |
▲ 26.5% |
 Wales
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
594 (538) |
▲ 10.4% |
503 (463) |
▲ 8.6% |
91 (75) |
▲ 21.3% |
| Lots Sold |
397 (332) |
▲ 19.6% |
333 (294) |
▲ 13.3% |
64 (38) |
▲ 68.4% |
| Percent Sold |
66.8% (61.7%) |
▲ 8.3% |
66.2% (63.5%) |
▲ 4.3% |
70.3% (50.7%) |
▲ 38.7% |
| Total Raised |
£50.0M (£37.7M) |
▲ 32.7% |
£40.9M (£32.2M) |
▲ 27.1% |
£9.1M (£5.5M) |
▲ 65.6% |
 West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
706 (717) |
▼ 1.5% |
621 (642) |
▼ 3.3% |
85 (75) |
▲ 13.3% |
| Lots Sold |
525 (511) |
▲ 2.7% |
462 (455) |
▲ 1.5% |
63 (56) |
▲ 12.5% |
| Percent Sold |
74.4% (71.3%) |
▲ 4.3% |
74.4% (70.9%) |
▲ 4.9% |
74.1% (74.7%) |
▼ 0.8% |
| Total Raised |
£89.3M (£76.0M) |
▲ 17.5% |
£74.0M (£61.0M) |
▲ 21.4% |
£15.3M (£15.0M) |
▲ 2.0% |
 Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| June 2024 to August 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
614 (566) |
▲ 8.5% |
539 (491) |
▲ 9.8% |
75 (75) |
▼ 0.0% |
| Lots Sold |
446 (403) |
▲ 10.7% |
389 (350) |
▲ 11.1% |
57 (53) |
▲ 7.5% |
| Percent Sold |
72.6% (71.2%) |
▲ 2.0% |
72.2% (71.3%) |
▲ 1.3% |
76.0% (70.7%) |
▲ 7.5% |
| Total Raised |
£67.8M (£53.8M) |
▲ 26.1% |
£46.6M (£32.0M) |
▲ 45.6% |
£21.2M (£21.7M) |
▼ 2.6% |
Disclaimer: The figures in this newsletter are based on sales data provided to us by the auctioneers.
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