The most recent data indicates a resilient increase in the UK property auction market.

The UK property auction market, as depicted in the October 2023 statistics released by Essential Information Group (EIG), demonstrates a dynamic landscape. Overall trends highlight an 8.7% increase in lots offered, totaling 3,183, and a corresponding 7.8% rise in lots sold, reaching 2,136. Despite a slight dip of 0.9%, the percentage of lots sold settled at 67.1%. Financially, the market exhibited strength, with a 14.2% surge in total funds raised, reaching £380.8 million.

David Sandeman, director of EIG, expressed satisfaction with the positive momentum, stating, “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.”

In 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, totaling £291.7 million in funds raised.

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 million.

Analyzing 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, 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 underscore the importance of considering specific geographic contexts for a comprehensive understanding of market dynamics, according to Sandeman.

He added, “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.”

[Source: Property Industry Eye]