Essential Auction News
The UK property auction market has been a hive of activity over the past year, and our latest figures reveal that there are interesting dynamics at play. From a national perspective, we have seen a noteworthy increase in the number of lots offered in all three time-frames - a 6.8% month-on-month rise in July 2023, a 16.2% boost in the quarterly May to July 2023 window, and a significant 19.9% surge upwards when considering the full year from August 2022 to July 2023. However, while offerings have grown, the percentage of lots sold has decreased across the board, pointing to a more challenging environment for sellers. Particularly striking is the dip in total revenue raised, with a 26.8% decline in July 2023 compared to the previous year.
Segmenting this further, the residential market has seen a more substantial increase in lots offered (up to 24.1% year-on-year), with a relatively smaller decline in the percentage of lots sold. Conversely, the commercial sector has faced steeper challenges, with a 38.9% year-on-year decrease in funds raised in July 2023. Delving into regional insights, areas like East Anglia and the North-East have shown notable growth in both the number of lots offered and lots sold, whereas London has seen a dip in both of these metrics.
As we shift our gaze across the regions, it is evident that local factors continue to play a pivotal role in shaping auction outcomes. For example, the North-West has seen a surge in residential offerings, while London has experienced a considerable decrease in total amounts raised. These data points emphasize the importance of understanding regional nuances, even as we monitor broader national trends.
Please note the newsletter can also be viewed online. Kind regards David Sandeman
davids@eigroup.co.uk P.S. Here at the Essential Information Group we maintain a database of virtually every property coming up for sale at auction as well as almost 900,000 lots that have been to auction in the past. It is fully searchable and allows you to identify properties coming up for sale that you might be interested in, and to see what similar properties have sold for in the past. If you would like a trial of our website, please register here. |
|
Overall Statistics July 2023 |
| Total Lots Offered |
3,191 |
| Total Lots Sold |
2,199 |
| Percent Sold |
68.9% |
| Total Realised |
£393,323,900 |
|
|
National Auction Analysis
OverallN.B. Figures in brackets denote the comparative period last year
|
July 2023 |
May 2023 to July 2023 |
August 2022 to July 2023 |
| Lots Offered |
3,191 (2,989) |
▲ 6.8% |
9,695 (8,344) |
▲ 16.2% |
34,369 (28,672) |
▲ 19.9% |
| Lots Sold |
2,199 (2,182) |
▲ 0.8% |
6,678 (6,093) |
▲ 9.6% |
23,997 (21,750) |
▲ 10.3% |
| Percent Sold |
68.9% (73.0%) |
▼ 5.6% |
68.9% (73.0%) |
▼ 5.6% |
69.8% (75.9%) |
▼ 8.0% |
| Total Raised |
£393.3M (£537.5M) |
▼ 26.8% |
£1,248.4M (£1,420.9M) |
▼ 12.1% |
£4,634.1M (£4,739.7M) |
▼ 2.2% |
ResidentialN.B. Figures in brackets denote the comparative period last year
|
July 2023 |
May 2023 to July 2023 |
August 2022 to July 2023 |
| Lots Offered |
2,749 (2,489) |
▲ 10.4% |
8,434 (6,942) |
▲ 21.5% |
30,088 (24,243) |
▲ 24.1% |
| Lots Sold |
1,896 (1,828) |
▲ 3.7% |
5,822 (5,144) |
▲ 13.2% |
20,969 (18,527) |
▲ 13.2% |
| Percent Sold |
69.0% (73.4%) |
▼ 6.0% |
69.0% (74.1%) |
▼ 6.9% |
69.7% (76.4%) |
▼ 8.8% |
| Total Raised |
£286.5M (£362.6M) |
▼ 21.0% |
£971.8M (£1,028.3M) |
▼ 5.5% |
£3,561.1M (£3,552.2M) |
▲ 0.3% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
July 2023 |
May 2023 to July 2023 |
August 2022 to July 2023 |
| Lots Offered |
442 (500) |
▼ 11.6% |
1,261 (1,402) |
▼ 10.1% |
4,281 (4,429) |
▼ 3.3% |
| Lots Sold |
303 (354) |
▼ 14.4% |
856 (949) |
▼ 9.8% |
3,028 (3,223) |
▼ 6.1% |
| Percent Sold |
68.6% (70.8%) |
▼ 3.1% |
67.9% (67.7%) |
▲ 0.3% |
70.7% (72.8%) |
▼ 2.9% |
| Total Raised |
£106.8M (£174.9M) |
▼ 38.9% |
£276.5M (£392.7M) |
▼ 29.6% |
£1,073.0M (£1,187.5M) |
▼ 9.6% |
Regional Auction Analysis
N.B. Figures in brackets denote the comparative period last year
 East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
482 (370) |
▲ 30.3% |
423 (311) |
▲ 36.0% |
59 (59) |
▼ 0.0% |
| Lots Sold |
333 (277) |
▲ 20.2% |
290 (231) |
▲ 25.5% |
43 (46) |
▼ 6.5% |
| Percent Sold |
69.1% (74.9%) |
▼ 7.7% |
68.6% (74.3%) |
▼ 7.7% |
72.9% (78.0%) |
▼ 6.5% |
| Total Raised |
£60.5M (£57.6M) |
▲ 5.1% |
£48.0M (£41.7M) |
▲ 14.9% |
£12.5M (£15.8M) |
▼ 20.8% |
 East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
666 (577) |
▲ 15.4% |
583 (480) |
▲ 21.5% |
83 (97) |
▼ 14.4% |
| Lots Sold |
457 (448) |
▲ 2.0% |
392 (378) |
▲ 3.7% |
65 (70) |
▼ 7.1% |
| Percent Sold |
68.6% (77.6%) |
▼ 11.6% |
67.2% (78.8%) |
▼ 14.7% |
78.3% (72.2%) |
▲ 8.4% |
| Total Raised |
£84.0M (£84.6M) |
▼ 0.7% |
£62.7M (£58.9M) |
▲ 6.4% |
£21.3M (£25.6M) |
▼ 16.9% |
 London
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
675 (698) |
▼ 3.3% |
606 (616) |
▼ 1.6% |
69 (82) |
▼ 15.9% |
| Lots Sold |
499 (550) |
▼ 9.3% |
446 (488) |
▼ 8.6% |
53 (62) |
▼ 14.5% |
| Percent Sold |
73.9% (78.8%) |
▼ 6.2% |
73.6% (79.2%) |
▼ 7.1% |
76.8% (75.6%) |
▲ 1.6% |
| Total Raised |
£210.7M (£309.4M) |
▼ 31.9% |
£177.1M (£236.3M) |
▼ 25.1% |
£33.6M (£73.2M) |
▼ 54.1% |
 North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
590 (514) |
▲ 14.8% |
557 (473) |
▲ 17.8% |
33 (41) |
▼ 19.5% |
| Lots Sold |
435 (346) |
▲ 25.7% |
409 (320) |
▲ 27.8% |
26 (26) |
▼ 0.0% |
| Percent Sold |
73.7% (67.3%) |
▲ 9.5% |
73.4% (67.7%) |
▲ 8.4% |
78.8% (63.4%) |
▲ 24.3% |
| Total Raised |
£39.3M (£32.5M) |
▲ 20.9% |
£30.6M (£26.0M) |
▲ 17.7% |
£8.8M (£6.6M) |
▲ 33.5% |
 North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
1,528 (1,229) |
▲ 24.3% |
1,379 (1,081) |
▲ 27.6% |
149 (148) |
▲ 0.7% |
| Lots Sold |
1,000 (896) |
▲ 11.6% |
909 (802) |
▲ 13.3% |
91 (94) |
▼ 3.2% |
| Percent Sold |
65.4% (72.9%) |
▼ 10.3% |
65.9% (74.2%) |
▼ 11.2% |
61.1% (63.5%) |
▼ 3.8% |
| Total Raised |
£117.2M (£116.5M) |
▲ 0.6% |
£97.2M (£92.5M) |
▲ 5.2% |
£20.0M (£24.0M) |
▼ 17.0% |
 North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
587 (547) |
▲ 7.3% |
527 (449) |
▲ 17.4% |
60 (98) |
▼ 38.8% |
| Lots Sold |
406 (399) |
▲ 1.8% |
362 (337) |
▲ 7.4% |
44 (62) |
▼ 29.0% |
| Percent Sold |
69.2% (72.9%) |
▼ 5.1% |
68.7% (75.1%) |
▼ 8.5% |
73.3% (63.3%) |
▲ 15.8% |
| Total Raised |
£108.1M (£142.4M) |
▼ 24.0% |
£83.4M (£105.9M) |
▼ 21.2% |
£24.8M (£36.5M) |
▼ 32.2% |
 Northern Ireland
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
68 (47) |
▲ 44.7% |
52 (36) |
▲ 44.4% |
16 (11) |
▲ 45.5% |
| Lots Sold |
20 (16) |
▲ 25.0% |
16 (12) |
▲ 33.3% |
4 (4) |
▼ 0.0% |
| Percent Sold |
29.4% (34.0%) |
▼ 13.5% |
30.8% (33.3%) |
▼ 7.5% |
25.0% (36.4%) |
▼ 31.3% |
| Total Raised |
£1.8M (£1.4M) |
▲ 30.0% |
£1.6M (£0.9M) |
▲ 79.7% |
£0.3M (£0.5M) |
▼ 50.7% |
 Scotland
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
352 (276) |
▲ 27.5% |
214 (156) |
▲ 37.2% |
138 (120) |
▲ 15.0% |
| Lots Sold |
156 (110) |
▲ 41.8% |
102 (63) |
▲ 61.9% |
54 (47) |
▲ 14.9% |
| Percent Sold |
44.3% (39.9%) |
▲ 11.0% |
47.7% (40.4%) |
▲ 18.1% |
39.1% (39.2%) |
▼ 0.3% |
| Total Raised |
£17.6M (£15.2M) |
▲ 15.6% |
£7.3M (£5.4M) |
▲ 33.7% |
£10.3M (£9.8M) |
▲ 5.5% |
 South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
1,540 (1,427) |
▲ 7.9% |
1,343 (1,163) |
▲ 15.5% |
197 (264) |
▼ 25.4% |
| Lots Sold |
1,061 (1,022) |
▲ 3.8% |
918 (866) |
▲ 6.0% |
143 (156) |
▼ 8.3% |
| Percent Sold |
68.9% (71.6%) |
▼ 3.8% |
68.4% (74.5%) |
▼ 8.2% |
72.6% (59.1%) |
▲ 22.8% |
| Total Raised |
£247.1M (£300.9M) |
▼ 17.9% |
£196.4M (£216.2M) |
▼ 9.1% |
£50.7M (£84.8M) |
▼ 40.2% |
 South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
792 (703) |
▲ 12.7% |
643 (537) |
▲ 19.7% |
149 (166) |
▼ 10.2% |
| Lots Sold |
601 (549) |
▲ 9.5% |
480 (422) |
▲ 13.7% |
121 (127) |
▼ 4.7% |
| Percent Sold |
75.9% (78.1%) |
▼ 2.8% |
74.7% (78.6%) |
▼ 5.0% |
81.2% (76.5%) |
▲ 6.1% |
| Total Raised |
£130.3M (£119.0M) |
▲ 9.6% |
£95.6M (£85.8M) |
▲ 11.3% |
£34.8M (£33.1M) |
▲ 5.0% |
 Wales
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
617 (490) |
▲ 25.9% |
527 (394) |
▲ 33.8% |
90 (96) |
▼ 6.3% |
| Lots Sold |
397 (356) |
▲ 11.5% |
346 (281) |
▲ 23.1% |
51 (75) |
▼ 32.0% |
| Percent Sold |
64.3% (72.7%) |
▼ 11.6% |
65.7% (71.3%) |
▼ 7.9% |
56.7% (78.1%) |
▼ 27.4% |
| Total Raised |
£46.7M (£45.3M) |
▲ 3.1% |
£37.8M (£32.5M) |
▲ 16.3% |
£8.9M (£12.8M) |
▼ 30.4% |
 West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
1,030 (768) |
▲ 34.1% |
912 (638) |
▲ 42.9% |
118 (130) |
▼ 9.2% |
| Lots Sold |
754 (608) |
▲ 24.0% |
666 (504) |
▲ 32.1% |
88 (104) |
▼ 15.4% |
| Percent Sold |
73.2% (79.2%) |
▼ 7.6% |
73.0% (79.0%) |
▼ 7.6% |
74.6% (80.0%) |
▼ 6.8% |
| Total Raised |
£116.9M (£116.2M) |
▲ 0.6% |
£92.1M (£76.9M) |
▲ 19.8% |
£24.9M (£39.3M) |
▼ 36.8% |
 Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| May 2023 to July 2023 |
Total |
Residential |
Commercial |
| Lots Offered |
768 (698) |
▲ 10.0% |
668 (608) |
▲ 9.9% |
100 (90) |
▲ 11.1% |
| Lots Sold |
559 (516) |
▲ 8.3% |
486 (440) |
▲ 10.5% |
73 (76) |
▼ 3.9% |
| Percent Sold |
72.8% (73.9%) |
▼ 1.5% |
72.8% (72.4%) |
▲ 0.6% |
73.0% (84.4%) |
▼ 13.5% |
| Total Raised |
£68.1M (£80.0M) |
▼ 14.9% |
£42.2M (£49.4M) |
▼ 14.5% |
£25.9M (£30.6M) |
▼ 15.5% |
Disclaimer: The figures in this newsletter are based on sales data provided to us by the auctioneers.
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