December figures for the performance of the UK auctions market from Essential Information Group, epitomise the performance of the sector overall for 2018, with double digit falls across lots offered, lots sold and totals raised.
There were 100 auctions held in the UK in December offering a total of 3,324 lots, a decline of 10%. Some 2,461 of lots offered sold – a drop of 12% year-on-year. The total raised fell by 14% to £453.7m, according to EIG figures.
The residential auctions market was harder hit than commercial in December, with the amount of lots offered falling by 11% to 2,752 and lots sold falling by 14% to 2,016. Totals raised fell by 12.5% to £297.6m.
While the decline in both lots offered and lots sold for commercial auctions was limited to single figure percentages – 572 lots offered (down by 7.7%) and 445 lots sold (down by 3.1%), the total amount raised fell by almost one fifth to £156.1m (17.7% decline).
Over the year as a whole, lots sold were down by 7.1% to 23,577, with the total raised falling by just over 10% to £4.1bn.
EIG managing director David Sandeman said: “The ongoing Brexit turmoil leaves an outlook that remains uncertain, at least in the short-term.
“The entire property market, private treaty included, is seemingly on tenterhooks while parliament continues to try and negotiate a way out of the mire.”
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