auction revenues

Auction revenues rise despite sales slip

Increasing property prices helped to boost auction revenues across the UK in 2015 in spite of a decline in the volume of lots offered and sold, new market analysis has revealed. The Essential Information Group (EIG) has published its residential auction market review for 2015, which provides a detailed account of the trends witnessed in the market, and it shows a 3.4 per cent year-on-year rise in auction revenues last year, led by the South East, up 23 per cent, South West up 14 per cent and Scotland, up 34 per cent. “Since 2010, when the amount raised fell to a ten year low of £2.22 billion, revenues have been heading skywards and last year more than £3.16 billion worth of residential property was sold under the hammer,” said David Sandeman (left), Managing Director at EIG. “It is widely expected that house prices will continue to rise (in 2016) albeit at a slower rate than has been seen in recent years.” There was an increase in revenues despite a 4.5 per cent year-on-year fall in the number of lots sold last year. After recording four consecutive years of rising sales, figures show residential sales fell to 20,845 lots in 2015,…