David Sandeman, Managing Director Essential Information Group reports that although July is typically one of the busiest months of the year in the auction calendar, overall figures (commercial and residential) show a six per cent fall in lots offered, an 11 per cent fall in lots sold and a 17 per cent fall in amount raised.

“These numbers exemplify the state of the market post-Brexit, and whilst the Bank of England attempts to stimulate the economy with a 0.25 per cent interest rate cut I suspect that it maybe a little time before this has an effect on the property market.”

In the residential sector lots offered fell by seven per cent, from 3,210 lots to 2,972 lots. Lots sold decreased by 13 per cent from 2,451 lots to 2,141 lots, (72 per cent), down from 76.4 per cent last month.

The total amount raised from residential auction sales fell by 15 per cent to £325.5million – down £58million on July 2015. It should be noted, however, that despite the seemingly large drop on last year’s total the £325M raised is actually the third highest amount raised in July over the last 10 years.

EIG also announced the launch of its new website, www.eigpropertyauctions.co.uk. It is shiny, bright and very easy to navigate, with a smart new branding and a number of new useful tools and auction guides, in addition to providing the same invaluable property auction information as before.