Auction data company, Essential Information Group (EIG), says that the UK property auction market has been a hive of activity over the past year, and that the latest figures, published in their August newsletter, reveal that there are interesting dynamics at play.
From a national perspective, EIG has seen a noteworthy increase in the number of commercial and residential lots offered in all three timeframes – a 6.8% month-on-month rise in July 2023, a 16.2% boost in the quarterly May to July 2023 window, and a significant 19.9% surge upwards when considering the full year from August 2022 to July 2023.
However, while offerings have grown, the percentage of lots sold has decreased across the board, pointing to a more challenging environment for sellers. Particularly striking is the dip in total revenue raised, with a 26.8% decline in July 2023 compared to the previous year.
The residential market has seen a more substantial increase in lots offered (up to 24.1% year-on-year), with a relatively smaller decline in the percentage of lots sold.
Conversely, the commercial sector has faced steeper challenges, with a 38.9% year-on- year decrease in funds raised in July 2023.
