Auctionnews
uk property auctions analysis
Auction review
of 2009
talks to David Sandeman of EIG
David reviews the last year, with some surprising and positive aspects
and he gives his outlook for business prospects for the coming year.
Simply looking at the figures for 2009,
one would be forgiven for thinking that 2009
Millions
commercial sales
has been even worse than 2008 and on the face £800
2007
of it, yes the number of lots and the amount
2008
raised was down 21 per cent and 11 per cent
2009
respectively. However overall the sale rate for
£600
2009 was 75 per cent as against 65 per cent
for 2008, and the figures, if one strips out
repossession sales, are that the amount raised
in 2009 was three per cent up on 2008!
£400
Repossessions at auction have fallen
dramatically in 2009. In 2008 we saw 8,022
repossessions being offered whereas in 2009 £200
the number was more than 50 per cent down at
Q1 Q2 Q3 Q4
3,898. There were several reasons for this drop.
After a very slow market for the estate agents
coMMerciaL
Q1 Q2 Q3 Q4
in 2008, 2009 saw much more buying activity
Lots 2007 £775,265,000 £464,267,000 £401,110,000 £637,598,000
which meant that the repossessions that were
2008 £360,002,000 £359,225,000 £216,902,000 £248,879,000
offered by estate agents were selling, whereas
2009 £247,502,000 £231,625,000 £298,456,000 £402,709,000
in 2008 they were not, and therefore coming to
auction. The market however feels that there is Millions
resiDential sales
a backlog of repossessions to be sold off and at
£1,200
2007
some time they will be coming to market, either
2008
via estate agents or if not, sold in the room.
2009
2009 for the commercial market was very
£1,000
much a year of two halves. The first half saw the
slight decline in volumes that had been in
£800
evidence since 07 continue but the second half
of the year saw a complete turn around and
much higher volumes being seen in H2 2009
£600
when compared with H2 of 2008. (See Graph 1)
A similar picture can bee seen in Graph 2
£400
for the residential sector. The decline in amount
Q1 Q2 Q3 Q4
raised started in Q2 2007 and continued
through to the end of 2008. From a low base residentiaL
Q1 Q2 Q3 Q4
of £482M in Q1 2009 it has slowly risen all year Lots 2007 £833,612,000 £1,025,135,000 £961,138,000 £806,387,000
to finish at £593M in Q4 2009. This is just below
2008 £675,840,000 £663,591,000 £630,224,000 £630,111,000
the level in Q4 2008.
2009 £482,914,000 £514,501,000 £585,389,000 £593,643,000
Outlook for 2010
Lots soLd at auction for each quarter in Last 3 years
The declines in volumes that were seen in the SaleYear SaleQuarter ResOffered ResSold ResRaised ComOffered ComSold ComRaised
early part on 2009 have been reversed and 2007 1 6337 4969 £833,612,000 1794 1444 £775,265,000
we are now seeing a steadier and growing 2007 2 8424 6083 £1,025,135,000 1964 1538 £464,267,000
market place. The commercial market looks set 2007 3 8152 5637 £961,138,000 1629 1230 £401,110,000
to continue it revival and there may well be an
2007 4 7763 4943 £806,387,000 2081 1514 £637,598,000
increase in the number of repossessions that
2008 1 6417 4389 £675,840,000 1546 1209 £360,002,000
come to the rooms. I believe that overall, the
2008 2 8264 4830 £663,591,000 1914 1268 £359,225,000
auction market will continue the improvement
2008 3 8247 5112 £630,224,000 1490 990 £216,902,000
that we have witnessed over the last few
2008 4 8173 5531 £630,111,000 1639 1114 £248,879,000
months and progress will be made in 2010.
2009 1 5452 4282 £482,914,000 998 766 £247,502,000
For a more detailed look at EIG’s auction
2009 2 5916 4433 £514,501,000 1281 977 £231,625,000
statistics visit
http://www.eigroup.co.uk/
2009 3 6113 4621 £585,389,000 1399 1084 £298,456,000
market-data/newsletters/
2009 4 6398 4492 £593,643,000 1854 1350 £402,709,000
58 FEBRUARY 2010 PRoPERtYdrum
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