There was a notable rise in property activity in March as more investors, including buy-to-let landlords, turned to auctions across the UK to dispose of properties.
The residential property sector was particularly busy with lots offered up almost 45%, as the recent hike in interest rates and the introduction of yet more punitive rules and regulations encourage more investors to reduce their exposure to the housing market.
David Sandeman, head of the Essential Information Group (EIG), which provided the data, commented: “There has been talk in the wider press that auctions were getting busier, and this is borne out with lots offered up 38% on last year. Interestingly, the overall percent sold was down, maybe indicative of the caution being talked about in the market.
The residential sector was very busy with lots offered up almost 45% and again only 3 out of the 12 metrics were downward, all reflecting a dropping percent sold.
“The commercial sector saw a slight rise in lots offered but declines in lots sold, percent sold, and amount raised.”
National Auction Analysis
Overall
N.B. Figures in brackets denote the comparative period last year
| March 2023 | January 2023 to March 2023 | April 2022 to March 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 3,684 (2,670) | ▲ 38.0% | 8,422 (6,237) | ▲ 35.0% | 33,096 (28,391) | ▲ 16.6% |
| Lots Sold | 2,613 (2,127) | ▲ 22.8% | 6,052 (4,950) | ▲ 22.3% | 23,579 (22,119) | ▲ 6.6% |
| Percent Sold | 70.9% (79.7%) | ▼ 11.0% | 71.9% (79.4%) | ▼ 9.4% | 71.2% (77.9%) | ▼ 8.6% |
| Total Raised | £518.9M (£499.7M) | ▲ 3.8% | £1,132.0M (£1,046.4M) | ▲ 8.2% | £4,848.5M (£4,697.0M) | ▲ 3.2% |
Residential
N.B. Figures in brackets denote the comparative period last year
| March 2023 | January 2023 to March 2023 | April 2022 to March 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 3,200 (2,210) | ▲ 44.8% | 7,414 (5,294) | ▲ 40.0% | 28,685 (24,229) | ▲ 18.4% |
| Lots Sold | 2,278 (1,776) | ▲ 28.3% | 5,338 (4,229) | ▲ 26.2% | 20,516 (18,919) | ▲ 8.4% |
| Percent Sold | 71.2% (80.4%) | ▼ 11.4% | 72.0% (79.9%) | ▼ 9.9% | 71.5% (78.1%) | ▼ 8.5% |
| Total Raised | £398.5M (£351.6M) | ▲ 13.4% | £882.0M (£789.9M) | ▲ 11.7% | £3,674.2M (£3,517.8M) | ▲ 4.4% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| March 2023 | January 2023 to March 2023 | April 2022 to March 2023 | ||||
|---|---|---|---|---|---|---|
| Lots Offered | 484 (460) | ▲ 5.2% | 1,008 (943) | ▲ 6.9% | 4,411 (4,162) | ▲ 6.0% |
| Lots Sold | 335 (351) | ▼ 4.6% | 714 (721) | ▼ 1.0% | 3,063 (3,200) | ▼ 4.3% |
| Percent Sold | 69.2% (76.3%) | ▼ 9.3% | 70.8% (76.5%) | ▼ 7.5% | 69.4% (76.9%) | ▼ 9.8% |
| Total Raised | £120.3M (£148.1M) | ▼ 18.8% | £250.0M (£256.5M) | ▼ 2.6% | £1,174.3M (£1,179.3M) | ▼ 0.4% |
Regional Auction Analysis
As is usually the case, variations across all the measurable parameters can be seen across the regions.
N.B. Figures in brackets denote the comparative period last year
East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 408 (225) | ▲ 81.3% | 359 (178) | ▲ 101.7% | 49 (47) | ▲ 4.3% |
| Lots Sold | 311 (194) | ▲ 60.3% | 275 (150) | ▲ 83.3% | 36 (44) | ▼ 18.2% |
| Percent Sold | 76.2% (86.2%) | ▼ 11.6% | 76.6% (84.3%) | ▼ 9.1% | 73.5% (93.6%) | ▼ 21.5% |
| Total Raised | £50.2M (£45.6M) | ▲ 10.1% | £42.2M (£31.2M) | ▲ 35.4% | £8.0M (£14.4M) | ▼ 44.8% |
East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 633 (488) | ▲ 29.7% | 559 (416) | ▲ 34.4% | 74 (72) | ▲ 2.8% |
| Lots Sold | 469 (414) | ▲ 13.3% | 413 (355) | ▲ 16.3% | 56 (59) | ▼ 5.1% |
| Percent Sold | 74.1% (84.8%) | ▼ 12.6% | 73.9% (85.3%) | ▼ 13.4% | 75.7% (81.9%) | ▼ 7.6% |
| Total Raised | £81.4M (£70.8M) | ▲ 14.9% | £65.7M (£58.4M) | ▲ 12.6% | £15.7M (£12.4M) | ▲ 25.8% |
London
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 656 (568) | ▲ 15.5% | 581 (523) | ▲ 11.1% | 75 (45) | ▲ 66.7% |
| Lots Sold | 492 (438) | ▲ 12.3% | 434 (403) | ▲ 7.7% | 58 (35) | ▲ 65.7% |
| Percent Sold | 75.0% (77.1%) | ▼ 2.7% | 74.7% (77.1%) | ▼ 3.1% | 77.3% (77.8%) | ▼ 0.6% |
| Total Raised | £219.0M (£212.1M) | ▲ 3.3% | £173.8M (£187.2M) | ▼ 7.1% | £45.2M (£24.9M) | ▲ 81.4% |
North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 546 (499) | ▲ 9.4% | 506 (469) | ▲ 7.9% | 40 (30) | ▲ 33.3% |
| Lots Sold | 409 (377) | ▲ 8.5% | 374 (357) | ▲ 4.8% | 35 (20) | ▲ 75.0% |
| Percent Sold | 74.9% (75.6%) | ▼ 0.9% | 73.9% (76.1%) | ▼ 2.9% | 87.5% (66.7%) | ▲ 31.2% |
| Total Raised | £32.5M (£29.9M) | ▲ 8.8% | £24.0M (£26.2M) | ▼ 8.2% | £8.5M (£3.7M) | ▲ 128.0% |
North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,332 (956) | ▲ 39.3% | 1,169 (813) | ▲ 43.8% | 163 (143) | ▲ 14.0% |
| Lots Sold | 913 (742) | ▲ 23.0% | 799 (634) | ▲ 26.0% | 114 (108) | ▲ 5.6% |
| Percent Sold | 68.5% (77.6%) | ▼ 11.7% | 68.3% (78.0%) | ▼ 12.4% | 69.9% (75.5%) | ▼ 7.4% |
| Total Raised | £110.6M (£108.1M) | ▲ 2.3% | £86.7M (£77.2M) | ▲ 12.4% | £23.9M (£30.9M) | ▼ 22.9% |
North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 541 (373) | ▲ 45.0% | 488 (322) | ▲ 51.6% | 53 (51) | ▲ 3.9% |
| Lots Sold | 394 (296) | ▲ 33.1% | 352 (257) | ▲ 37.0% | 42 (39) | ▲ 7.7% |
| Percent Sold | 72.8% (79.4%) | ▼ 8.3% | 72.1% (79.8%) | ▼ 9.6% | 79.2% (76.5%) | ▲ 3.5% |
| Total Raised | £104.3M (£88.2M) | ▲ 18.3% | £79.5M (£64.1M) | ▲ 24.2% | £24.8M (£24.1M) | ▲ 2.9% |
Northern Ireland
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 55 (76) | ▼ 27.6% | 41 (73) | ▼ 43.8% | 14 (3) | ▲ 366.7% |
| Lots Sold | 24 (28) | ▼ 14.3% | 19 (27) | ▼ 29.6% | 5 (1) | ▲ 400.0% |
| Percent Sold | 43.6% (36.8%) | ▲ 18.5% | 46.3% (37.0%) | ▲ 25.1% | 35.7% (33.3%) | ▲ 7.2% |
| Total Raised | £2.6M (£2.5M) | ▲ 6.1% | £2.2M (£2.3M) | ▼ 2.4% | £0.4M (£0.2M) | ▲ 110.8% |
Scotland
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 301 (191) | ▲ 57.6% | 205 (112) | ▲ 83.0% | 96 (79) | ▲ 21.5% |
| Lots Sold | 160 (111) | ▲ 44.1% | 109 (68) | ▲ 60.3% | 51 (43) | ▲ 18.6% |
| Percent Sold | 53.2% (58.1%) | ▼ 8.4% | 53.2% (60.7%) | ▼ 12.4% | 53.1% (54.4%) | ▼ 2.4% |
| Total Raised | £21.1M (£13.2M) | ▲ 60.7% | £10.1M (£4.3M) | ▲ 135.2% | £11.1M (£8.9M) | ▲ 24.6% |
South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 1,253 (943) | ▲ 32.9% | 1,101 (779) | ▲ 41.3% | 152 (164) | ▼ 7.3% |
| Lots Sold | 871 (738) | ▲ 18.0% | 764 (621) | ▲ 23.0% | 107 (117) | ▼ 8.5% |
| Percent Sold | 69.5% (78.3%) | ▼ 11.2% | 69.4% (79.7%) | ▼ 12.9% | 70.4% (71.3%) | ▼ 1.3% |
| Total Raised | £223.9M (£207.3M) | ▲ 8.0% | £165.8M (£152.6M) | ▲ 8.7% | £58.0M (£54.6M) | ▲ 6.3% |
South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 641 (384) | ▲ 66.9% | 570 (283) | ▲ 101.4% | 71 (101) | ▼ 29.7% |
| Lots Sold | 469 (321) | ▲ 46.1% | 419 (231) | ▲ 81.4% | 50 (90) | ▼ 44.4% |
| Percent Sold | 73.2% (83.6%) | ▼ 12.4% | 73.5% (81.6%) | ▼ 9.9% | 70.4% (89.1%) | ▼ 21.0% |
| Total Raised | £90.2M (£76.9M) | ▲ 17.4% | £72.8M (£49.0M) | ▲ 48.4% | £17.5M (£27.8M) | ▼ 37.2% |
Wales
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 415 (349) | ▲ 18.9% | 366 (282) | ▲ 29.8% | 49 (67) | ▼ 26.9% |
| Lots Sold | 281 (286) | ▼ 1.7% | 250 (230) | ▲ 8.7% | 31 (56) | ▼ 44.6% |
| Percent Sold | 67.7% (81.9%) | ▼ 17.3% | 68.3% (81.6%) | ▼ 16.3% | 63.3% (83.6%) | ▼ 24.3% |
| Total Raised | £32.5M (£37.1M) | ▼ 12.3% | £26.8M (£26.6M) | ▲ 0.6% | £5.7M (£10.5M) | ▼ 45.4% |
West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 883 (629) | ▲ 40.4% | 795 (551) | ▲ 44.3% | 88 (78) | ▲ 12.8% |
| Lots Sold | 702 (539) | ▲ 30.2% | 638 (477) | ▲ 33.8% | 64 (62) | ▲ 3.2% |
| Percent Sold | 79.5% (85.7%) | ▼ 7.2% | 80.3% (86.6%) | ▼ 7.3% | 72.7% (79.5%) | ▼ 8.6% |
| Total Raised | £101.2M (£93.2M) | ▲ 8.6% | £83.7M (£69.4M) | ▲ 20.7% | £17.5M (£23.8M) | ▼ 26.4% |
Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| January 2023 to March 2023 | Total | Residential | Commercial | |||
|---|---|---|---|---|---|---|
| Lots Offered | 758 (556) | ▲ 36.3% | 674 (493) | ▲ 36.7% | 84 (63) | ▲ 33.3% |
| Lots Sold | 557 (466) | ▲ 19.5% | 492 (419) | ▲ 17.4% | 65 (47) | ▲ 38.3% |
| Percent Sold | 73.5% (83.8%) | ▼ 12.3% | 73.0% (85.0%) | ▼ 14.1% | 77.4% (74.6%) | ▲ 3.8% |
| Total Raised | £62.3M (£61.8M) | ▲ 1.0% | £48.6M (£41.6M) | ▲ 16.9% | £13.8M (£20.2M) | ▼ 31.8% |
