Totals raised across property auctions in the UK reached £480.7m in May, according to the latest figures from Essential Information Group.
Figures raised were up by almost a quarter on the same period in 2021. Lots offered were up by 13.7% to 2,648, with lots sold increasing by 10.2% to 2,040. Despite the increase in lots sold, it was not enough to offset a slight decline in success rates from 79.5% to 77%.
The boost in totals is a welcome filip for the auctions market. According to EIG, totals have not surpassed May’s figures since 2018 when some £507m was raised.
The commercial market performed most strongly during the month, with totals up by almost 41% to £158.3m. Some 485 lots were offered, with 367 selling, leading to an overall success rate of 75.7%, down from 77.8% in May 2021.
In the residential market 1,673 of 2,163 lots offered sold, raising a total of £322.4m. Totals raised were up by 17.6% year-on-year, but the success rate slipped by 3.1% to 77.3%.
The best performing region in terms of totals raised was the East Midlands, which brought the hammer down on £76.9m of property, a 28.9% increase on last May’s £59.6m. Lots offered and sold were up by 7.7% and 12.8% respectively, with the success rate across the region increasing by 4.7% to 83.9%.
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