Brexit uncertainty accentuated the traditional mid-year lull, making August 2019 one of the quietest summer months for UK property auctions in nearly 10 years, new figures show.
According to auctions specialist Essential Information Group, just 43 property auctions took place last month, the lowest figure seen since August 2010.
August is traditionally a quiet month for auctioneers, with many of the major players taking a break over the summer. However, August 2019 was exceptionally quiet, seeing the lowest number of lots offered and lots sold since 2015 and the lowest total raised since 2016 – the year of the EU referendum.
The volume of property sold at auction over the previous three months and over the previous year was also significantly down compared with the same periods a year earlier.
According to EIG, the number of lots offered at auction between June and August 2019 stood at 6,181, down by 8.4% on the same period of 2018, while the number of lots sold at auction over that period fell by 8.7% to 4,457. The total raised was also down, by 6% to £717.5m, compared with a year earlier.
Figures for the year to the end of August 2019 made even more sobering reading. The number of lots offered between September 2018 and August 2019 stood at 29,716, nearly a tenth down on the previous year. Meanwhile, the number of lots sold at auction over that time fell by 11.8% to 21,943, and the total amount raised was down by a dramatic 15.2% at £3.7bn.
