The auctions market has reported a second consecutive month of falling figures for lots sold and total raised compared with last year, when the market peaked before a 3% stamp duty hike on buy-to-let investments.
UK auction houses sold 124 fewer properties in March compared with the same month last year, down by 5.7% to 2,064 lots, according to Essential Information Group.
The total raised at auction fell by £32m to £402m, a drop of 7.3% from March 2016.
Overall results (figures in brackets denote the comparative period last year):
| Item |
March 2017 |
|
January 2017 to March 2017 |
|
April 2016 to March 2017 |
|
| Lots offered |
2,769 (2,962) |
▼ 6.5% |
7,074 (7,902) |
▼ 10.5% |
33,091 (33,954) |
▼ 2.5% |
| Lots sold |
2,064 (2,188) |
▼ 5.7% |
5,444 (6,034) |
▼ 9.8% |
25,109 (26,301) |
▼ 4.5% |
| Percent sold |
74.5% (73.9%) |
▲ 0.8% |
77.0% (76.4%) |
▲ 0.8% |
75.9% (77.5%) |
▼ 2.1% |
| Total raised |
£402m (£434m) |
▼ 7.3% |
£1,026m (£1,146m) |
▼ 10.5% |
£4,489m (£4,702m) |
▼ 4.5% |
Residential results:
| Item |
March 2017 |
|
January 2017 to March 2017 |
|
April 2016 to March 2017 |
|
| Lots offered |
2,228 (2,457) |
▼ 9.3% |
5,845 (6,686) |
▼ 12.6% |
27,218 (27,856) |
▼ 2.3% |
| Lots sold |
1,646 (1,788) |
▼ 7.9% |
4,451 (5,077) |
▼ 12.3% |
20,478 (21,481) |
▼ 4.7% |
| Percent sold |
73.9% (72.8%) |
▲ 1.5% |
76.2% (75.9%) |
▲ 0.4% |
75.2% (77.1%) |
▼ 2.5% |
| Total raised |
£262m (£271m) |
▼ 3.3% |
£713m (£792m) |
▼ 9.9% |
£3,127m (£3,324m) |
▼ 5.9% |
Commercial results:
| Item |
Mar-17 |
|
January 2017 to March 2017 |
|
April 2016 to March 2017 |
|
| Lots offered |
541 (505) |
▲ 7.1% |
1,229 (1,216) |
▲ 1.1% |
5,873 (6,098) |
▼ 3.7% |
| Lots sold |
418 (400) |
▲ 4.5% |
993 (957) |
▲ 3.8% |
4,631 (4,820) |
▼ 3.9% |
| Percent sold |
77.3% (79.2%) |
▼ 2.4% |
80.8% (78.7%) |
▲ 2.7% |
78.9% (79.0%) |
▼ 0.1% |
| Total raised |
£140m (£163m) |
▼ 14.0% |
£313m (£354m) |
▼ 11.6% |
£1,362m (£1,378m) |
▼ 1.2% |
The dip was not as severe as February’s figures, however, when the number of lots sold fell by almost 14% and the amount raised fell by 15% from the 2016 peak.
EIG director David Sandeman said: “As highlighted last month, the recent falls could be largely attributed to the unprecedented spikes we saw in February and to a lesser extent in March last year, when an influx of buyers and sellers rushed to beat the impending stamp duty hikes.
“We may also be witnessing a market that is just easing back the throttle a little. It wouldn’t be unsurprising either, considering that the government has recently introduced measures to cool the buy-to-let market while house price inflation has also slowed.”
Residential sales in March saw the biggest drop in the number of lots sold, down by nearly 8% to 1,646. The total raised was down by 3.3% at £262m.
Commercial auctions saw a bigger dip in total raised: down by £23m or 14% to £140m. But the number of lots sold actually rose, by 4.5% to 418.
“Despite the drop-off in numbers, we are still seeing an average sale rate of around 75%, which shows that sale rooms remain competitive with buyers aplenty,” Sandeman said.
The auctions market has reported a second consecutive month of falling figures for lots sold and total raised compared with last year, when the market peaked before a 3% stamp duty hike on buy-to-let investments.
UK auction houses sold 124 fewer properties in March compared with the same month last year, down by 5.7% to 2,064 lots, according to Essential Information Group.
The total raised at auction fell by £32m to £402m, a drop of 7.3% from March 2016.
Overall results (figures in brackets denote the comparative period last year):
Item
March 2017
January 2017 to March 2017
April 2016 to March 2017
Lots offered
2,769 (2,962)
▼ 6.5%
7,074 (7,902)
▼ 10.5%
33,091 (33,954)
▼ 2.5%
Lots sold
2,064 (2,188)
▼ 5.7%
5,444 (6,034)
▼ 9.8%
25,109 (26,301)
▼ 4.5%
Percent sold
74.5% (73.9%)
▲ 0.8%
77.0% (76.4%)
▲ 0.8%
75.9% (77.5%)
▼ 2.1%
Total raised
£402m (£434m)
▼ 7.3%
£1,026m (£1,146m)
▼ 10.5%
£4,489m (£4,702m)
▼ 4.5%
Residential results:
Item
March 2017
January 2017 to March 2017
April 2016 to March 2017
Lots offered
2,228 (2,457)
▼ 9.3%
5,845 (6,686)
▼ 12.6%
27,218 (27,856)
▼ 2.3%
Lots sold
1,646 (1,788)
▼ 7.9%
4,451 (5,077)
▼ 12.3%
20,478 (21,481)
▼ 4.7%
Percent sold
73.9% (72.8%)
▲ 1.5%
76.2% (75.9%)
▲ 0.4%
75.2% (77.1%)
▼ 2.5%
Total raised
£262m (£271m)
▼ 3.3%
£713m (£792m)
▼ 9.9%
£3,127m (£3,324m)
▼ 5.9%
Commercial results:
Item
Mar-17
January 2017 to March 2017
April 2016 to March 2017
Lots offered
541 (505)
▲ 7.1%
1,229 (1,216)
▲ 1.1%
5,873 (6,098)
▼ 3.7%
Lots sold
418 (400)
▲ 4.5%
993 (957)
▲ 3.8%
4,631 (4,820)
▼ 3.9%
Percent sold
77.3% (79.2%)
▼ 2.4%
80.8% (78.7%)
▲ 2.7%
78.9% (79.0%)
▼ 0.1%
Total raised
£140m (£163m)
▼ 14.0%
£313m (£354m)
▼ 11.6%
£1,362m (£1,378m)
▼ 1.2%
The dip was not as severe as February’s figures, however, when the number of lots sold fell by almost 14% and the amount raised fell by 15% from the 2016 peak.
EIG director David Sandeman said: “As highlighted last month, the recent falls could be largely attributed to the unprecedented spikes we saw in February and to a lesser extent in March last year, when an influx of buyers and sellers rushed to beat the impending stamp duty hikes.
“We may also be witnessing a market that is just easing back the throttle a little. It wouldn’t be unsurprising either, considering that the government has recently introduced measures to cool the buy-to-let market while house price inflation has also slowed.”
Residential sales in March saw the biggest drop in the number of lots sold, down by nearly 8% to 1,646. The total raised was down by 3.3% at £262m.
Commercial auctions saw a bigger dip in total raised: down by £23m or 14% to £140m. But the number of lots sold actually rose, by 4.5% to 418.
“Despite the drop-off in numbers, we are still seeing an average sale rate of around 75%, which shows that sale rooms remain competitive with buyers aplenty,” Sandeman said.
