Political uncertainty continued to cast a shadow over the market in June, with falls in the number of lots offered, the number of lots sold and the total amount raised overall in UK property auctions.
According to the latest data from UK property auctions data service Essential Information Group, the total number of lots offered in June stood at 1,993 – 7% lower than the total number recorded the same month a year ago.
The number of lots sold also fell, to 1,420 – 5.2% lower than the total sold a year earlier. And the total amount raised in UK property auctions over the period decreased by 2.8% to £197.5m.
However, it was not all bad news. EIG pointed out that, although the figures represented a dip compared with 2018 figures, the year-on-year falls were far less steep in June than they had been earlier in the year.
In May, EIG reported that the total amount raised by UK property auctions dropped by nearly a quarter compared with the previous year.
EIG founder and managing director David Sandeman described the figures as “a marked improvement” on the double-digit falls witnessed in recent months, although he said that market conditions continued to remain “challenging”.
EIG also pointed out that, although the number of residential lots sold in the three months to the end of June 2019 fell by less than 2%, the total amount of revenue raised by residential property sales over the period declined by nearly a tenth, suggesting either that house prices are falling or that more small lots are selling compared with a year ago.
Meanwhile, in the commercial auctions market, the number of lots sold in the second quarter was down by 17.2% compared with a year earlier, while the total amount raised fell by just 5.2%.
Click here to view EIG’s full July 2019 newsletter, which includes national and regional analysis of UK real estate auctions
