The UK auction market posted another month of impressive growth in July, with over 4,500 lots offered, up 3.6% on last year, and raising £662.4 million.

However, it’s residential activity that continues to prop up the auction market’s resilience. Essential Information Group’s (EIG)latest report shows that, across the country, the number of lots offered rose by 4.2% year-on-year, while lots sold climbed by 2.1%, delivering a 13.6% uplift in total funds raised.

Regionally, several areas reported double-digit gains in funds raised, including East Midlands, North-West and Yorkshire & The Humber. By contrast, Wales, South-East Home Counties and the North-East saw dips across all metrics.

Security and certainty

Stuart Collar-Brown, President of NAVA Propertymark, said: “The outstanding growth in the residential sector year-on-year further demonstrates what we are seeing in the market as more people are considering selling by auction for the higher level of security and certainty during these uncertain times.

“Many of our Propertymark members reported that one of the challenges they are facing from buyers is the higher Stamp Duty threshold due to the fact most buyers are not buying properties to live in as their home.”

Overall, the latest figures reaffirm the strength of the residential auction market, with key regions delivering strong returns for sellers and continued appetite from buyers despite economic headwinds and seasonal demand.