Slowdown in September auction sales figures

Despite subdued auction sales in September, residential auction activity remains ahead of last year overall, with the number of lots sold increasing by 9.1% in the 12 months to September this year.

The latest figures from the Essential Information Group (EIG) revealed that the number of residential lots offered rose by 11.3% during the same period, to 40,064, while 27,303 lots were sold.

The total raised from residential sales increased by 9.2% to almost £5billion.

However, residential lots offered in September increased by 8.1% year-on-year to 4,382, but lots sold fell by 1.1% to 2,873. The success rate declined from 71.7% to 65.6%, while the total raised fell by 5.5% to £504.3million.

The figures suggest that although supply remains strong, a smaller proportion of properties is finding a buyer, underlining the importance of realistic pricing and seller expectations.

Critical pricing

Regional performance also varied during the July to September period. London recorded a 19.4% annual increase in residential lots sold, while Scotland saw sales rise by 85.1%, albeit from a much smaller base.

The South West, East Anglia and East Midlands also saw positive increases in auction sales figures.

In contrast, residential lots sold fell by 20.6% in the North East, 18.4% in the North West Home Counties, and 13.7% across the South-East Home Counties.

Matt Burrows, NAVA Propertymark Advisory Panel member, said: “It is encouraging to see the continued growth in auction activity, with residential lots offered increasing by 11.3% and lots sold by 9.1% over the 12 months to September.

“These figures demonstrate the continued importance of auction as a route to market and the commitment of professionals across the UK.

“However, the latest monthly results show that growth in supply is not being matched by sales, reinforcing the importance of realistic seller expectations and sound professional advice.”