The UK auction market grew by 5% last year, the largest increase in lots sold under the hammer since 2007’s peak.
The rise highlighted renewed confidence in the sector, led by the residential market.
More than 25,000 lots were sold in 2012, a 4% rise on 2011, but still more than 40% below the number sold in 2007, according to a new Essential Information Group report using auction data from the past six years.
The total number of sales increased steadily for 10 years, peaking in 2007 when the hammer fell on more than 27,000 lots.
The “subsequent market crash” resulted in three consecutive years of declining auction sales as the industry adjusted to the challenging market conditions, according to EIG.
However, sales have increased over the past two years, with the residential sector recording particularly strong results.
The 21,001 residential lots sold in 2012 was the second- highest number ever recorded in a year – second only to 2007’s total of 21,927.
samantha.baden@estatesgazette.com
