Figures for March show that the auction sector saw its second successive month of considerable growth in terms of volumes.
Lots offered were up 11.5% to 3,088 lots and lots sold up 10.6% to 2,283 lots, according to the latest data from Essential Information Group.
EIG records show that this is highest number of lots put under the hammer during March since 2008 (3,263 lots).
David Sandeman, EIG managing director, said: “A decade ago, the economy was in the midst of a credit crunch and the auction market saw increasing numbers of repossessions and motivated vendors but fewer buyers. Indeed, the sale rate was a lowly 62% compared to the far more sustainable 74% we see now.”
The total raised across 116 residential and commercial sales in March was £416,486,724, up 3.6% on the same month last year. The success rate dipped slightly year on year, but remained just shy of 75%.
The recent gains have have boosted the quarterly and yearly results. Over 500 more lots were offered in Q1 2018 than in Q1 2017 – a gain of 7.2% – while the rolling yearly figures show a 1.2% increase over the past 12 months to 33,495 lots.
Sandeman said the residential sector had been the main contributor to these gains.
Residential lots offered and sold were both up more than 12% in March, to 2,511 lots and 1,847 lots respectively, while residential receipts jumped almost 15% to £301m. This is the highest number of residential sales ever recorded in March, surpassing the previous high of 1,846 lots sold in March 2007.
All the major London commercial auctioneers held an auction during March. “It is pleasing to see volumes up on last year – lots offered by 6.7% to 577 lots and lots sold by 4.3% to 436 lots,” Sandeman said. However, the amount raised did contract slightly: down 17% to £116m, suggesting an increase of smaller-sized lots going under the hammer.
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