Property auction activity saw a slowdown in August, with a decline in successful sales despite more properties being brought to market. The number of lots offered increased by 2.9% compared to August last year, but lots sold decreased by 2.6%, resulting in an overall success rate of 60.6%.
Despite the fall in sales, the total amount raised through auctions rose by 4.3% to £179.2 million. Residential auction supply remained relatively strong, with a 4.2% increase in residential lots offered year-on-year, while commercial activity saw a weakening.
The figures are attributed to the traditional summer slowdown in the auction market, influenced by the holiday period. However, regional activity showed strength over the latest rolling quarter. London recorded a 31.1% increase in lots offered and a 34.9% rise in sales compared to the same period last year, with the total amount raised climbing 29.4%. The South West also experienced higher activity, with lots offered up 21.3% and sales increasing by 16.9%. The West Midlands and Yorkshire & The Humber also reported higher auction volumes.