September saw only 144 auctions held across the UK, the lowest number recorded in more than 10 years for this typically busy month.
Total auction revenues fell by almost 18% to £371m, an £80m drop compared with September 2017.
The latest figures from Essential Information Group showed that lots offered were down by 11% year on year to 3,378 properties, while lots sold saw an even steeper drop of 17% to 2,382 lots.
EIG managing director David Sandeman said the figures were “a stark realisation of the uncertain economic and political climate that the market is currently operating in”.
Over the past decade, the number of auctions held in September has ranged from 162 last year to 213 in 2011. This year’s figure is the lowest since 2006, when 142 sales were held.
EIG reported that residential lots offered and sold fell by 13% and 18% respectively last month, with residential revenues shrinking by more than 17% to £334m. These monthly falls have had a significant impact on the quarter, with lots sold down by 9% and amount raised down by 11% on the same quarter last year.
The major London commercial auctioneers do not hold their first autumn auction until October, so the commercial picture has yet to become clear. September saw a marginal increase in lots offered, from 422 to 437, but 20 fewer lots sold, resulting in a 67% sale rate. Commercial revenues dropped by 21% to £37m.
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