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UK Property Auction Sale Values Slump by 44% From a Year Ago

Housing-Market / UK Housing Jun 20, 2008 - 09:50 AM GMT

By: David_Sandeman

Housing-Market Best Financial Markets Analysis ArticleWelcome to the June newsletter that reviews auction activity for May 2008. Continuing market conditions have seen the overall sales rate slip 3 points from last month to 56%. It should not be forgotten however that the auction process did sell over 2,100 lots in May, no mean achievement in this market.


May saw an overall drop of 9.1% in the number of lots offered from 4,201 to 3,818 when compared with May 2007. The quarterly and yearly comparison, which iron out any idiosyncrasies, show a 2.3% and 5.3% increase in the number of lots offered when compared with previous periods, demonstrating continued support by vendors for the auction method of sale. With the falling sale rates, and relatively static numbers of lots offered, it is not surprising that the amount raised has decreased for the monthly (44.6%), quarterly (39.1%) and yearly (22.3%) comparisons.

Total

  Last Month Last Quarter Last Year
May 2008 May 2007 Increase March - May 2008 March - May 2007 Increase June 2007 - May 2008 June 2006 - May 2007 Increase
Lots Offered 3,818 4,201 -9.1% 10,381 10,143 2.3% 37,992 36,094 5.3%
Lots Sold 2,126 3,101 -31.4% 6,122 7,589 -19.3% 25,169 27,854 -9.6%
Percent Sold 56% 74% -24.6% 59% 75% -21.2% 66% 77% -14.2%
Total Raised £415,789,351 £750,628,328 -44.6% £1,081,261,706 £1,775,545,902 -39.1% £4,911,141,344 £6,322,529,378 -22.3%

Residential

  Last Month Last Quarter Last Year
May 2008 May 2007 Increase March - May 2008 March - May 2007 Increase June 2007 - May 2008 June 2006 - May 2007 Increase
Lots Offered 2,872 3,211 -10.6% 8,304 8,018 3.6% 30,613 28,507 7.4%
Lots Sold 1,537 2,316 -33.6% 4,748 5,910 -19.7% 19,800 21,731 -8.9%
Percent Sold 54% 72% -25.8% 57% 74% -22.4% 65% 76% -15.2%
Total Raised £226,657,500 £418,898,378 -45.9% £667,134,505 £1,028,525,970 -35.1% £3,142,840,689 £3,592,289,190 -12.5%

Commercial

  Last Month Last Quarter Last Year
May 2008 May 2007 Increase March - May 2008 March - May 2007 Increase June 2007 - May 2008 June 2006 - May 2007 Increase
Lots Offered 946 990 -4.4% 2,077 2,094 -0.8% 7,379 7,587 -2.7%
Lots Sold 589 785 -25.0% 1,374 1,658 -17.1% 5,369 6,123 -12.3%
Percent Sold 62% 79% -21.5% 66% 79% -16.5% 73% 81% -9.8%
Total Raised £189,131,851 £331,729,950 -43.0% £414,127,201 £719,414,932 -42.4% £1,768,300,655 £2,730,240,188 -35.2%

Regional Auction Analysis

The national trends are reflected in the regional analysis below to varying degrees with overall percent sold ranging from 38.1% in the North East to 68.6% in the North West Home Counties.

http://www.eigroup.co.uk/newsletters/2008/June.html

By David Sandeman
Managing Director
davids@eigroup.co.uk

Essential Information Group, 1A Church Street, Reigate, Surrey, RH2 0AA
Website: http://www.eigroup.co.uk
Telephone: +44 1737 226150
Company Reg: 2972048

The Essential Information Group was formed in 1990 to provide the property industry with detailed information as to the results of all London property auctions. It now covers the whole of the UK and is recognised as the industry standard for auction information and currently includes details on over 400,000 properties and over 35,000 lots each year worth in excess of £5.6 billion.

A range of services are available as described in subscriber services . A strategic alliance was formed with the Estates Gazette , the leading property publication in 1995 to promote auction information on the Estates Gazette internet site EGi.

The information in this article is based on the property information given to the Essential Information Group by the auction houses offering the property for sale. However, it should not be relied upon for the purchase of property and the information should be verified with the auction house concerned to ascertain its accuracy.

David Sandeman Archive

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