Buoyant start to the year for resi auctions
March year-on-year auction sales figures are down, but it's been a positive start to the year overall, reports David Sandeman, Managing Director of the Essential Information Group.
Both lots offered and sold are down in March, year on year according to the latest edition of Essential Auction News, from David Sandeman’s Essential Information Group, but the year-to-date figures paint a more positive picture.
A first glance at the auction sales figures for March 2024 suggest that it’s not been a positive end to the financial year in the market.
The number of residential lots offered are down 9.2% compared to March 2023, auction sales are down 6.5% and the total raised dipped 9.1% from £398.5m to £362.3m.
However, with unprecedented inflation in March 2023, a more realistic comparison can me made from March 2022, where the national number of both commercial and residential lots sold has actually increased 13.7%.
When reviewing the quarterly figures also, the overall market has been bolstered by the buoyant start to the year, with 11% growth in residential auction sales.
Regional performance was also positive during the first quarter, with only minor fluctuations in the metrics overall. Strong performing regions were Wales, the South West.
North East and East Midlands remain prime locations for auction stock and continue to outperform other regions in terms of growth in sold lots.
East Anglia and West Midlands saw a slight drop in lots sold, but an increase in sales revenue, while the South West was the only region that saw a dip in auction sales revenue in England.
Scotland and Northern Ireland have experienced more of a struggle for stock volume and success rates, so it is worth keeping a close eye on how the regions react going into Q2.
The Greater London area showed positive results, though overall quiet activity.
To see the full report, click here.
