November proved to be a bounce-back month for auctioneers, according to the latest figures from Essential Information Group.
Its data shows that November was the first month in 2020 where all metrics showed a year-on-year increase. Overall lots were up by 6.5% and the volumes raised increased by 75% – from £116m in November 2019 to £204m in November 2020. A total of 1,351 lots were offered at 39 sales in November 2020, according to EIG figures, with 71% selling.
Across the commercial auctions sector, lots offered increased by 50% to 194 and totals raised increased by 337% from £13m to £57m. Sales rates improved by 12.6% to reach 74.2%
In residential auctions, lots offered nudged up by just 1.6% in November 2020, while totals raised reached almost £147m, a 42% increase on the same period in 2019.
Figures for the past year, however, painted a different story.
According to EIG, the number of lots being offered through auctions was down by around one-fifth in the 12 months between December 2019 and November 2020 to 23,122 (compared with the period from December 2018 to November 2019), with totals raised down by more than 10% to £3.2bn. Success rates have grown, however, up by 2.9% to 77.1%.
In residential, totals raised for the 12 months to the end of November were down by 7.8% to £2.4bn, with lots offered down by 18.8% to 19,958, while in commercial, lots offered fell by 27.5% to 3,164 and totals raised by 19% to £783.9m.
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