The latest market analysis released by Essential Information Group has revealed positive momentum in the UK property auction market during October.
The overall trends indicate an 8.7% increase in lots offered, totalling 3,183, and a corresponding 7.8% rise in lots sold, reaching 2,136. The percentage of lots sold settled at 67.1%, despite a slight dip of 0.9%.
Financially, the market demonstrated strength, with a 14.2% surge in total funds raised, reaching £380.8 million.
David Sandeman, Director of Essential Information Group, says: "We are pleased to see such positive momentum in the UK property auction market. The increase in lots offered and sold, coupled with a substantial rise in total funds raised, reflects the resilience and attractiveness of the market."
Within the residential sector, positive momentum continued with a 5.7% increase in lots offered and a 6.4% rise in lots sold. The percentage of residential lots sold improved marginally by 0.6%, reaching 68.1%. Despite a slight financial dip of 0.7%, the residential market remained robust, totalling £291.7 million in funds raised.
Sandeman remarks: "The residential sector remains a key driver of the market, showcasing steady growth and consistent performance. The marginal improvements in the percentage of lots sold demonstrate the resilience of the residential market."
Conversely, the commercial market experienced a notable 39.3% surge in lots offered and a 22.0% increase in lots sold. However, the percentage of commercial lots sold saw a significant decline of 12.4%, resting at 59.2%. Total funds raised in the commercial segment, however, spiked impressively by 125.1%, reaching £89.0 million.
Sandeman comments: "While the commercial market saw a decline in the percentage of lots sold, the substantial increase in fundraising highlights the potential and opportunities present in this segment."
Delving into the regional markets, variations are evident, with East Anglia experiencing a 28.6%
increase in lots offered and a 30.5% rise in lots sold. In contrast, the London market, while witnessing a 16.1% uptick in lots offered, faced a 5.3% decline in the percentage of lots sold, resulting in a 7.1% decrease in total funds raised. These regional intricacies highlight the need to consider specific geographic contexts for a comprehensive understanding of market dynamics.
"The regional variations underscore the importance of a nuanced approach to understanding the property auction market. Each region has its unique dynamics, and acknowledging these nuances is crucial for informed decision-making" noted Sandeman.
Sandeman concludes: "The October 2023 statistics paint a picture of a vibrant and resilient property auction market in the UK. We anticipate continued growth and diverse opportunities for both buyers and sellers in the coming months."
