New figures from Essential Information Group (EIG) show that the number of properties going under the hammer in September increased by 5.7% year-on-year, with 4,903 lots offered across the UK. However, auctioneers struggled to convert this additional stock into sales.
The number of properties sold fell by 2.5%, pushing the national success rate down to 65.9%. This led to a 12.8% drop in the total amount raised, which stood at £593.7m, despite an 8.1% increase in residential lots offered. Commercial auctions experienced a sharper decline in both sales and proceeds.
Regional performance was varied. London and Scotland saw stronger sales over the rolling three-month period, while activity weakened in parts of the North and the Home Counties. David Sandeman of EIG noted that while recent results have been softer, the overall auction market continues to see a healthy flow of stock, and activity over the past 12 months remains ahead of last year.