Sales of residential properties ?at auctions have risen by ?18%, easing auctioneers’ concerns of a slowdown in the market.
Turnover in September was on track to reach £362m, compared with £306.8m in September 2013, the data provider has calculated.
By the end of September, the number of properties sold would have reached 2,613, up from 2,377, Essential Information Group forecast.
Some 46% of the total raised was from London and South East sales.
The revenue rise comes despite auctioneers struggling to maintain success rates from mid-2014, including in the capital where there was a decrease of 7.6% in average success rates between May and July compared with the same period in 2013.
Deals last month in London included the sale of a freehold on six homes on Camden Road, N1, for £3.3m – a 6.2% yield – at a Savills auction, and a leasehold on a flat in St John’s Wood, N8, fetching £600,000 – a 3.8% yield – at an Auction House London sale.
A spokesman for Essential Information Group said: “In what is predominantly one of the busiest months in the auction calendar it is encouraging to see that the residential market continues to go from strength to strength, as double-digit percentage gains in lots offered and lots sold indicate a buoyant market.”
Meanwhile, commercial sector sales were largely static, with 390 lots sold, generating £49m, compared with 460 sales raising £49m in September 2013.
joanna.bourke@estatesgazette.com
