AUCTIONnews
UK RESIDENTIAL PROPERTY AUCTIONS ANALYSIS
Auctions on the up! auction room lots, guides and sales.
Q1 Residential Auction Market Review • Lots offered & sold both up on Q1 2011 by 7.4 per cent and 6.1 per cent
Property auction results for March have been collected and collated by Essential Information Group, the leading market analysts. David Sandeman, Founder and Managing Director, offers his assessment of the residential property auction market in Q1 and comments on the changes witnessed over the last 5 years. In addition David has analysed the variations seen across the regions. Findings include:
respectively Lots offered
The number of residential lots offered at auction showed signs of growth in the latter half of 2011, and figures for Q1 2012 demonstrate a continued improvement in that regard. 5,958 residential lots were offered, a 7.4 per cent rise on Q1 2011 and the highest number seen since Q1
LOTS OFFERED IN Q1
7,000 6,500 6,000 5,500 5,000 4,500 4,000
2008 Lots sold
Residential lots sold in Q1 were 4,431, a 6 per cent increase on Q1 2011. This is the second highest number of transactions ever recorded in the first quarter since 1991, with the peak year of 2007 unsurprisingly recording the most. One factor that could be attributed to the rise in numbers is in
LOTS SOLD IN Q1
5,000 4,500 4,000 3,500 3,000
2008 2009 2010 2011 2012 The best quarter for transactions in a long while. 62 MAY 2012 PROPERTYdrum
10% 5% 0% -5% -10% -15%
the recently abolished stamp duty holiday for homes costing under £250,000. Buyers may have chosen to take advantage before the relief was lifted at the end of March, and with over 91 per cent of residential lots selling within the threshold an inflation in sales volumes is a possibility.
LOTS SOLD IN Q1 - ANNUAL % CHANGE 2009 They’re on the upward trajectory! 2010 2011 2012
2008 when we all know the market was awash with repossessions. It certainly appears that vendors have renewed confidence in property auctions as a viable and effective route to market.
LOTS OFFERED IN Q1 - ANNUAL % CHANGE
10% 5% 0% -5% -10% -15%
talks to David Sandeman of EIG about
• Per cent sold has remained stable at around 75 per cent for 3 years •Residential amounts raised up over 9 per cent on Q1 2011 to nearly £540m
•Lots sold in Q1 at its highest level since 2007 running
• London and the South East sees declines of over 10 per cent in lots (77 per cent) in the North East
offered whilst northern England & Scotland show the biggest gains • Large increase in lots sold (62 per cent) and in the amount raised
2008
2009
2010 2011 2012 A growing interest in selling at auction.
2008
2009
2010 2011 2012 This annual % change is definitely a change for the better.
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