The average size of lots sold at property auctions in the UK fell by 11.6% in September compared with a year earlier, as sales volumes increased for the first time in five months but receipts dipped.
According to data from Essential Information Group, the average auction lot sold in September was worth £137,728, a fall from the £155,793 recorded in September 2018.
The total number of auction lots sold across the UK in September 2019 stood at 2,457, a 3.1% increase compared with the same month a year earlier. At the same time, EIG reported that the total amount of capital raised at auction in September 2019 fell by 8.8% compared with a year earlier to £338.4m, indicating either that people were selling cheaper properties than they had been a year ago or that prices were falling.
“In terms of where the biggest percentage falls were noted, it is in the amount raised, suggesting that the average lot size is continuing to fall,” said David Sandeman, founder of EIG.
According to EIG figures, the steepest falls were in the residential market, where the average lot size fell by 12.7% compared with a year earlier to stand at £139,312.
The total amount of money coming from residential auction sales declined by 11.3% compared with a year earlier to £295.9m, while the number of residential property sales transacted over the period increased by 1.6% to 2,124.
In the commercial market, the average lot size fell by less than 1%, standing at £127,627 in September 2019. The total raised from commercial auction sales in September increased by 13.6% compared with a year earlier to £42.5m, while the total number of lots sold increased by 14.4% to 333.
