Residential auctions continued to drive growth in the market in May, despite a slight easing in success rates as more properties came to market.

The latest figures from the Essential Information Group (EIG) show 3,493 residential lots were offered during May, up 4.8% year-on-year, while the 2,331 homes actually sold represents a 3.1% dip in success rates.

Sales still generated £436.8million during the month, up 2.4% on the same period a year ago.

Looking at the rolling three-month period from March to May, a total of 10,397 residential lots were offered, up 12.2%, while sales increased 10.5% to 7,012 lots. Funds raised climbed 8.5% to £1.22billion.

In the past 12 months, residential auction sales reached 27,066 properties, an increase of 8.9%, with total funds raised approaching £5billion at £4.98billion.

Regional winners emerge

Yorkshire and The Humber delivered some of the strongest residential growth. Between March and May, residential lots offered rose 39.6%, while sales jumped 37.8% and funds raised increased 26.1%.

London also posted a strong performance, with residential sales up 18.7% year-on-year and funds raised rising 12.5% to £243.3million.

The South West saw residential sales increase 13.3%, while the North West remained Britain’s largest residential auction market by volume, selling 1,113 homes during the three-month period.

Elsewhere, Scotland recorded the fastest rate of residential growth, with sales rising 73% and funds raised more than doubling year-on-year, albeit from a smaller base.

Despite overall growth, residential success rates eased slightly to 66.7% in May as supply continued to increase faster than buyer demand.

However, EIG says activity levels remain healthy heading into the summer market, supported by a steady flow of stock and continued buyer interest.