Essential Auction News
The national auction market in July 2024 exhibited substantial growth, with 35 out of 36 key indicators showing increases, reflecting a strong performance across the board. This growth was fuelled by the early timing of three London auctions which last year fell into August, and the rise of two-day sales from some of the larger auctioneers, both of which have bolstered all major metrics.
Nationally, the total lots offered in July surged by 36.9% compared to the same period last year, while lots sold saw an even more impressive 41.3% increase. The residential sector outpaced the commercial sector, with a 40.0% rise in lots offered and a 43.9% increase in lots sold. The overall percentage of lots sold improved to 71.1%, driven by strong demand, and the total amount raised reached £610.6M—a remarkable 55.3% increase year-over-year.
However, the concentration of auction activity in July could lead to a potential slowdown in August, as some sales that typically occur later were brought forward. This impressive growth also raises questions about the sustainability of such momentum in the coming months.
With UK Finance announcing a 34% year on year increase in mortgage repossessions, which were previously a mainstay of auctions prior to the pandemic, it appears that the growth trajectory of auctions could well continue if a proportion of this stock comes to the rostrum. Regional disparities have emerged, with the North-East and London leading in growth, while Scotland faced declines in both lots sold and total raised, due to landlords choosing to divest following from the changes brought in with the Cost of Living (Tenant Protection) (Scotland) Act 2022.
Regardless, It is clear that the auctions market remains largely positive both at a local and national level.
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 2024 |
| Total Lots Offered |
4,372 |
| Total Lots Sold |
3,117 |
| Percent Sold |
71.3% |
| Total Realised |
£611,601,200 |
|
|
National Auction Analysis
OverallN.B. Figures in brackets denote the comparative period last year
|
July 2024 |
May 2024 to July 2024 |
August 2023 to July 2024 |
| Lots Offered |
4,372 (3,191) |
▲ 37.0% |
11,256 (9,695) |
▲ 16.1% |
38,657 (34,369) |
▲ 12.5% |
| Lots Sold |
3,117 (2,199) |
▲ 41.7% |
8,086 (6,678) |
▲ 21.1% |
27,507 (23,997) |
▲ 14.6% |
| Percent Sold |
71.3% (68.9%) |
▲ 3.5% |
71.8% (68.9%) |
▲ 4.2% |
71.2% (69.8%) |
▲ 2.0% |
| Total Raised |
£611.6M (£393.3M) |
▲ 55.5% |
£1,587.3M (£1,248.4M) |
▲ 27.1% |
£5,288.0M (£4,634.1M) |
▲ 14.1% |
ResidentialN.B. Figures in brackets denote the comparative period last year
|
July 2024 |
May 2024 to July 2024 |
August 2023 to July 2024 |
| Lots Offered |
3,854 (2,749) |
▲ 40.2% |
9,935 (8,434) |
▲ 17.8% |
34,101 (30,088) |
▲ 13.3% |
| Lots Sold |
2,738 (1,896) |
▲ 44.4% |
7,133 (5,822) |
▲ 22.5% |
24,332 (20,969) |
▲ 16.0% |
| Percent Sold |
71.0% (69.0%) |
▲ 2.9% |
71.8% (69.0%) |
▲ 4.1% |
71.4% (69.7%) |
▲ 2.4% |
| Total Raised |
£476.4M (£286.5M) |
▲ 66.3% |
£1,239.7M (£971.8M) |
▲ 27.6% |
£4,162.2M (£3,561.1M) |
▲ 16.9% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
July 2024 |
May 2024 to July 2024 |
August 2023 to July 2024 |
| Lots Offered |
518 (442) |
▲ 17.2% |
1,321 (1,261) |
▲ 4.8% |
4,556 (4,281) |
▲ 6.4% |
| Lots Sold |
379 (303) |
▲ 25.1% |
953 (856) |
▲ 11.3% |
3,175 (3,028) |
▲ 4.9% |
| Percent Sold |
73.2% (68.6%) |
▲ 6.7% |
72.1% (67.9%) |
▲ 6.2% |
69.7% (70.7%) |
▼ 1.4% |
| Total Raised |
£135.2M (£106.8M) |
▲ 26.6% |
£347.6M (£276.5M) |
▲ 25.7% |
£1,125.8M (£1,073.0M) |
▲ 4.9% |
Regional Auction Analysis
As is usually the case, variations across all the measurable parameters can be seen across the regions.
N.B. Figures in brackets denote the comparative period last year
 East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
556 (482) |
▲ 15.4% |
503 (423) |
▲ 18.9% |
53 (59) |
▼ 10.2% |
| Lots Sold |
397 (333) |
▲ 19.2% |
360 (290) |
▲ 24.1% |
37 (43) |
▼ 14.0% |
| Percent Sold |
71.4% (69.1%) |
▲ 3.3% |
71.6% (68.6%) |
▲ 4.4% |
69.8% (72.9%) |
▼ 4.3% |
| Total Raised |
£73.4M (£60.5M) |
▲ 21.3% |
£60.6M (£48.0M) |
▲ 26.4% |
£12.7M (£12.5M) |
▲ 1.6% |
 East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
808 (666) |
▲ 21.3% |
705 (583) |
▲ 20.9% |
103 (83) |
▲ 24.1% |
| Lots Sold |
593 (457) |
▲ 29.8% |
509 (392) |
▲ 29.8% |
84 (65) |
▲ 29.2% |
| Percent Sold |
73.4% (68.6%) |
▲ 7.0% |
72.2% (67.2%) |
▲ 7.4% |
81.6% (78.3%) |
▲ 4.2% |
| Total Raised |
£90.1M (£84.0M) |
▲ 7.2% |
£69.7M (£62.7M) |
▲ 11.1% |
£20.4M (£21.3M) |
▼ 4.2% |
 London
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
858 (675) |
▲ 27.1% |
778 (606) |
▲ 28.4% |
80 (69) |
▲ 15.9% |
| Lots Sold |
633 (499) |
▲ 26.9% |
568 (446) |
▲ 27.4% |
65 (53) |
▲ 22.6% |
| Percent Sold |
73.8% (73.9%) |
▼ 0.1% |
73.0% (73.6%) |
▼ 0.8% |
81.2% (76.8%) |
▲ 5.7% |
| Total Raised |
£321.1M (£210.7M) |
▲ 52.4% |
£255.9M (£177.1M) |
▲ 44.5% |
£65.2M (£33.6M) |
▲ 94.1% |
 North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
916 (590) |
▲ 55.3% |
877 (557) |
▲ 57.5% |
39 (33) |
▲ 18.2% |
| Lots Sold |
729 (435) |
▲ 67.6% |
697 (409) |
▲ 70.4% |
32 (26) |
▲ 23.1% |
| Percent Sold |
79.6% (73.7%) |
▲ 8.0% |
79.5% (73.4%) |
▲ 8.3% |
82.1% (78.8%) |
▲ 4.2% |
| Total Raised |
£46.7M (£39.3M) |
▲ 18.8% |
£41.2M (£30.6M) |
▲ 34.8% |
£5.5M (£8.8M) |
▼ 37.1% |
 North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,632 (1,528) |
▲ 6.8% |
1,447 (1,379) |
▲ 4.9% |
185 (149) |
▲ 24.2% |
| Lots Sold |
1,126 (1,000) |
▲ 12.6% |
1,013 (909) |
▲ 11.4% |
113 (91) |
▲ 24.2% |
| Percent Sold |
69.0% (65.4%) |
▲ 5.5% |
70.0% (65.9%) |
▲ 6.2% |
61.1% (61.1%) |
▼ 0.0% |
| Total Raised |
£157.4M (£117.2M) |
▲ 34.2% |
£122.4M (£97.2M) |
▲ 25.9% |
£35.0M (£20.0M) |
▲ 75.1% |
 North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
715 (587) |
▲ 21.8% |
644 (527) |
▲ 22.2% |
71 (60) |
▲ 18.3% |
| Lots Sold |
502 (406) |
▲ 23.6% |
453 (362) |
▲ 25.1% |
49 (44) |
▲ 11.4% |
| Percent Sold |
70.2% (69.2%) |
▲ 1.4% |
70.3% (68.7%) |
▲ 2.3% |
69.0% (73.3%) |
▼ 5.9% |
| Total Raised |
£140.6M (£108.1M) |
▲ 30.0% |
£115.5M (£83.4M) |
▲ 38.6% |
£25.1M (£24.8M) |
▲ 1.2% |
 Northern Ireland
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
51 (68) |
▼ 25.0% |
47 (52) |
▼ 9.6% |
4 (16) |
▼ 75.0% |
| Lots Sold |
29 (20) |
▲ 45.0% |
26 (16) |
▲ 62.5% |
3 (4) |
▼ 25.0% |
| Percent Sold |
56.9% (29.4%) |
▲ 93.5% |
55.3% (30.8%) |
▲ 79.5% |
75.0% (25.0%) |
▲ 200.0% |
| Total Raised |
£3.6M (£1.8M) |
▲ 94.3% |
£3.1M (£1.6M) |
▲ 99.2% |
£0.4M (£0.3M) |
▲ 65.0% |
 Scotland
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
365 (352) |
▲ 3.7% |
261 (214) |
▲ 22.0% |
104 (138) |
▼ 24.6% |
| Lots Sold |
134 (156) |
▼ 14.1% |
86 (102) |
▼ 15.7% |
48 (54) |
▼ 11.1% |
| Percent Sold |
36.7% (44.3%) |
▼ 17.2% |
33.0% (47.7%) |
▼ 30.8% |
46.2% (39.1%) |
▲ 18.2% |
| Total Raised |
£15.1M (£17.6M) |
▼ 14.2% |
£5.1M (£7.3M) |
▼ 30.0% |
£10.0M (£10.3M) |
▼ 3.1% |
 South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,801 (1,540) |
▲ 16.9% |
1,622 (1,343) |
▲ 20.8% |
179 (197) |
▼ 9.1% |
| Lots Sold |
1,276 (1,061) |
▲ 20.3% |
1,139 (918) |
▲ 24.1% |
137 (143) |
▼ 4.2% |
| Percent Sold |
70.8% (68.9%) |
▲ 2.8% |
70.2% (68.4%) |
▲ 2.6% |
76.5% (72.6%) |
▲ 5.4% |
| Total Raised |
£302.3M (£247.1M) |
▲ 22.3% |
£233.1M (£196.4M) |
▲ 18.7% |
£69.1M (£50.7M) |
▲ 36.5% |
 South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,011 (792) |
▲ 27.7% |
836 (643) |
▲ 30.0% |
175 (149) |
▲ 17.4% |
| Lots Sold |
778 (601) |
▲ 29.5% |
639 (480) |
▲ 33.1% |
139 (121) |
▲ 14.9% |
| Percent Sold |
77.0% (75.9%) |
▲ 1.4% |
76.4% (74.7%) |
▲ 2.3% |
79.4% (81.2%) |
▼ 2.2% |
| Total Raised |
£159.1M (£130.3M) |
▲ 22.0% |
£119.4M (£95.6M) |
▲ 25.0% |
£39.6M (£34.8M) |
▲ 13.9% |
 Wales
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
691 (617) |
▲ 12.0% |
577 (527) |
▲ 9.5% |
114 (90) |
▲ 26.7% |
| Lots Sold |
467 (397) |
▲ 17.6% |
386 (346) |
▲ 11.6% |
81 (51) |
▲ 58.8% |
| Percent Sold |
67.6% (64.3%) |
▲ 5.1% |
66.9% (65.7%) |
▲ 1.8% |
71.1% (56.7%) |
▲ 25.4% |
| Total Raised |
£60.7M (£46.7M) |
▲ 30.1% |
£46.8M (£37.8M) |
▲ 23.9% |
£13.9M (£8.9M) |
▲ 56.3% |
 West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,064 (1,030) |
▲ 3.3% |
940 (912) |
▲ 3.1% |
124 (118) |
▲ 5.1% |
| Lots Sold |
834 (754) |
▲ 10.6% |
740 (666) |
▲ 11.1% |
94 (88) |
▲ 6.8% |
| Percent Sold |
78.4% (73.2%) |
▲ 7.1% |
78.7% (73.0%) |
▲ 7.8% |
75.8% (74.6%) |
▲ 1.6% |
| Total Raised |
£138.6M (£116.9M) |
▲ 18.5% |
£111.5M (£92.1M) |
▲ 21.1% |
£27.1M (£24.9M) |
▲ 9.0% |
 Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| May 2024 to July 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
788 (768) |
▲ 2.6% |
698 (668) |
▲ 4.5% |
90 (100) |
▼ 10.0% |
| Lots Sold |
588 (559) |
▲ 5.2% |
517 (486) |
▲ 6.4% |
71 (73) |
▼ 2.7% |
| Percent Sold |
74.6% (72.8%) |
▲ 2.5% |
74.1% (72.8%) |
▲ 1.8% |
78.9% (73.0%) |
▲ 8.1% |
| Total Raised |
£78.8M (£68.1M) |
▲ 15.7% |
£55.3M (£42.2M) |
▲ 30.9% |
£23.5M (£25.9M) |
▼ 9.2% |
Disclaimer: The figures in this newsletter are based on sales data provided to us by the auctioneers.
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