Strong residential demand throughout the summer pushed the amount raised from auctions in August to £112m, up by 51% compared with the previous year.
The number of lots offered at auction rose by 23% year-on-year to 770, according to the latest data from Essential Information Group. Lots sold rose by just over 20% to 552.
As would be expected for August, the commercial market was very quiet during the month, with the increases coming almost entirely from the residential sector. In fact, the number of residential lots offered and sold both rose by a quarter, to 695 and 501 respectively.
August auction sales were seen as the last opportunity to capitalise on the temporary nil-rate stamp duty band of £250,000 before the return to the standard amount of £125,000 on 1 October.
Figures for the 12 months to August show residential sales at more than £3bn, up by almost a third. Commercial sales for the same period are close to £1bn, up by 20%.
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