Auction activity in the traditionally quiet month of August saw the total raised climb by almost 12% year on year to hit £77m.
Some 51 auctions were held across the UK, up from 47 in August 2017, according to the latest data from Essential Information Group. With 742 out of 1,031 lots finding buyers, the overall success rate was 72%.
Overall lots offered and sold were up by 18% and 20% respectively. Residential stock dominated the month’s auction activity, with lots offered up by 21% on last year, from 801 to 970 properties. Sales climbed by 24%, from 568 lots to 703 lots. This drove a 15% (£10m) increase in residential market revenues to £74m.
EIG managing director David Sandeman described it as a “broadly successful month” but added: “The notable falls witnessed in June and July are still prevailing as evidenced in the rolling quarterly figures. Let’s hope that the industry returns with renewed confidence for the busy autumn schedule ahead.”
EIG’s rolling three-month figures by region show that London is suffering heavily in the current climate, with the total raised for June to August down by 37% on the same period last year to £99m. Only Northern Ireland has seen a sharper fall, with total raised in June to August down by almost 50% to £7m year on year.
The strongest improvement is in the South West, where sales were sales up by almost 30% to £78m for the three-month period.
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