London fuelling auction market growth

The number of residential lots sold in London last quarter has contributed to the remarkable growth in the auction market, according to the July EIG report.

Total revenue raised increased 19.3% in the capital, as a result of a 10.8% uplift in lots sold, while nationally, these figures are up 14.9% and 10.9% respectively on last quarter.

Year on year, the number of lots sold has risen 22.1% to 1,864, while the combined sales value in June 2024 compared to the same period last year was £328.6m – 24.4% higher.

Regional variations

In addition to London, regional players in areas like East Anglia, North-East and Yorkshire and The Humber have shown strong performance in the residential auction market, with substantial increases in revenue.

Some regions even achieved higher revenues despite a decline in the number of lots offered. Northern Ireland in particular almost doubled the number of lots sold and revenue raised.

“However, not all auctioneers have experienced this buoyancy, as indicated by regional variations, such as Scotland, where the total raised decreased by 30.8% despite an increase in residential activity,” reports EIG’s David Sandeman.

Aside from Scotland and Wales, all regions experienced an increase in total sales revenue and ten of the 13 increased the lots offered.

Commercial breakthrough  

It is worth noting that the additional Allsop Commercial auction in June significantly contributed to the sector’s impressive results. Although the quarterly and yearly figures continue to show a slight decline, there was a 37.2% increase in lots sold and revenue surged by an astounding 160.3% compared to last year.

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