The UK property auction market continued to perform strongly in September despite the challenges presented by Covid-19, according to the latest report from the Essential Information Group (EIG).
The number of residential lots offered in September dropped by 9.3% year-on-year, from 2,871 in September last year to 2,605 last month, whilst there were 87 fewer lots sold – down 4.1%. But despite a dip in the number of homes sold under the hammer, the total amount raised actually increased quite substantially.
In terms of residential properties sold, the data shows that £361.8m was raised in total, up 22.3% year-on-year, thanks in part to a rise in the overall success rate.
Some 78.2% of the residential properties offered for sale via auction in September were sold, up from 74% in the corresponding month last year.
The EIG’s managing director, David Sandeman, said: “A quick look at the results [for September 2020] shows 16 green upward arrows indicating that 16 of the 36 metrics we cover showed an increase in percentage value. This is the highest number of green arrows we have had since Covid-19 broke out. Indeed, the total amount raised went up almost 39% and in the commercial sector it was up 153%.
“This was mainly due to Allsop Commercial and Acuitus each holding a commercial sale in September, their first September sales since we started collecting records in 1990. The two auctions raised £70.8m.
“If we remove this amount from the overall calculation for the amount raised by the industry as a whole, the value of lots sold still increased by 17.6% when compared with September 2019, and was the first month-on-month rise in total amount raised since April last year with the exception of June this year that rose by just 0.8%.
“The metrics clearly indicate that not only is the industry coping with Covid-19 and all the challenges it throws up, but indeed increasing the value of sales, and demonstrating it has a robust way forward to continue selling by auction in these strange times.”
EIG data:
National Auction Analysis
Overall
N.B. Figures in brackets denote the comparative period last year
| September 2020 | July 2020 to September 2020 | October 2019 to September 2020 | ||||
| Lots Offered | 3,043 (3,328) | ▼ 8.6% | 6,248 (7,539) | ▼ 17.1% | 23,793 (29,684) | ▼ 19.8% |
| Lots Sold | 2,372 (2,457) | ▼ 3.5% | 4,959 (5,509) | ▼ 10.0% | 18,257 (22,001) | ▼ 17.0% |
| Percent Sold | 77.9% (73.8%) | ▲ 5.6% | 79.4% (73.1%) | ▲ 8.6% | 76.7% (74.1%) | ▲ 3.5% |
| Total Raised | £469.6M (£338.4M) | ▲ 38.8% | £968.3M (£861.6M) | ▲ 12.4% | £3,235.8M (£3,710.0M) | ▼ 12.8% |
Residential
N.B. Figures in brackets denote the comparative period last year
| September 2020 | July 2020 to September 2020 | October 2019 to September 2020 | ||||
| Lots Offered | 2,605 (2,871) | ▼ 9.3% | 5,378 (6,392) | ▼ 15.9% | 20,314 (25,141) | ▼ 19.2% |
| Lots Sold | 2,037 (2,124) | ▼ 4.1% | 4,272 (4,654) | ▼ 8.2% | 15,597 (18,583) | ▼ 16.1% |
| Percent Sold | 78.2% (74.0%) | ▲ 5.7% | 79.4% (72.8%) | ▲ 9.1% | 76.8% (73.9%) | ▲ 3.9% |
| Total Raised | £361.8M (£295.9M) | ▲ 22.3% | £741.7M (£657.1M) | ▲ 12.9% | £2,387.6M (£2,657.2M) | ▼ 10.1% |
Commercial
N.B. Figures in brackets denote the comparative period last year
| September 2020 | July 2020 to September 2020 | October 2019 to September 2020 | ||||
| Lots Offered | 438 (457) | ▼ 4.2% | 870 (1,147) | ▼ 24.1% | 3,479 (4,543) | ▼ 23.4% |
| Lots Sold | 335 (333) | ▲ 0.6% | 687 (855) | ▼ 19.6% | 2,660 (3,418) | ▼ 22.2% |
| Percent Sold | 76.5% (72.9%) | ▲ 4.9% | 79.0% (74.5%) | ▲ 6.0% | 76.5% (75.2%) | ▲ 1.7% |
| Total Raised | £107.8M (£42.5M) | ▲ 153.6% | £226.6M (£204.5M) | ▲ 10.8% | £848.2M (£1,052.8M) | ▼ 19.4% |
Regional Auction Analysis
As is usually the case, variations across all the measurable parameters can be seen across the regions.
N.B. Figures in brackets denote the comparative period last year
East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 266 (317) | ▼ 16.1% | 219 (221) | ▼ 0.9% | 47 (96) | ▼ 51.0% |
| Lots Sold | 207 (241) | ▼ 14.1% | 167 (154) | ▲ 8.4% | 40 (87) | ▼ 54.0% |
| Percent Sold | 77.8% (76.0%) | ▲ 2.4% | 76.3% (69.7%) | ▲ 9.5% | 85.1% (90.6%) | ▼ 6.1% |
| Total Raised | £42.0M (£41.2M) | ▲ 1.9% | £27.9M (£30.3M) | ▼ 7.9% | £14.1M (£10.9M) | ▲ 29.1% |
East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 541 (580) | ▼ 6.7% | 457 (491) | ▼ 6.9% | 84 (89) | ▼ 5.6% |
| Lots Sold | 433 (434) | ▼ 0.2% | 371 (371) | ▼ 0.0% | 62 (63) | ▼ 1.6% |
| Percent Sold | 80.0% (74.8%) | ▲ 7.0% | 81.2% (75.6%) | ▲ 7.4% | 73.8% (70.8%) | ▲ 4.2% |
| Total Raised | £71.8M (£55.0M) | ▲ 30.5% | £55.0M (£43.7M) | ▲ 26.0% | £16.8M (£11.4M) | ▲ 47.8% |
London
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 602 (467) | ▲ 28.9% | 553 (437) | ▲ 26.5% | 49 (30) | ▲ 63.3% |
| Lots Sold | 481 (346) | ▲ 39.0% | 440 (322) | ▲ 36.6% | 41 (24) | ▲ 70.8% |
| Percent Sold | 79.9% (74.1%) | ▲ 7.8% | 79.6% (73.7%) | ▲ 8.0% | 83.7% (80.0%) | ▲ 4.6% |
| Total Raised | £213.7M (£151.5M) | ▲ 41.1% | £173.2M (£131.7M) | ▲ 31.5% | £40.6M (£19.8M) | ▲ 104.4% |
North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 497 (805) | ▼ 38.3% | 468 (751) | ▼ 37.7% | 29 (54) | ▼ 46.3% |
| Lots Sold | 411 (559) | ▼ 26.5% | 387 (522) | ▼ 25.9% | 24 (37) | ▼ 35.1% |
| Percent Sold | 82.7% (69.4%) | ▲ 19.2% | 82.7% (69.5%) | ▲ 19.0% | 82.8% (68.5%) | ▲ 20.9% |
| Total Raised | £26.3M (£44.9M) | ▼ 41.3% | £20.6M (£34.0M) | ▼ 39.4% | £5.7M (£10.9M) | ▼ 47.4% |
North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 1,093 (1,233) | ▼ 11.4% | 964 (1,040) | ▼ 7.3% | 129 (193) | ▼ 33.2% |
| Lots Sold | 815 (878) | ▼ 7.2% | 719 (742) | ▼ 3.1% | 96 (136) | ▼ 29.4% |
| Percent Sold | 74.6% (71.2%) | ▲ 4.8% | 74.6% (71.3%) | ▲ 4.6% | 74.4% (70.5%) | ▲ 5.5% |
| Total Raised | £92.3M (£87.0M) | ▲ 6.1% | £75.6M (£65.5M) | ▲ 15.3% | £16.7M (£21.5M) | ▼ 22.1% |
North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 375 (362) | ▲ 3.6% | 315 (317) | ▼ 0.6% | 60 (45) | ▲ 33.3% |
| Lots Sold | 295 (272) | ▲ 8.5% | 246 (236) | ▲ 4.2% | 49 (36) | ▲ 36.1% |
| Percent Sold | 78.7% (75.1%) | ▲ 4.8% | 78.1% (74.4%) | ▲ 5.0% | 81.7% (80.0%) | ▲ 2.1% |
| Total Raised | £80.6M (£63.2M) | ▲ 27.5% | £65.1M (£43.1M) | ▲ 51.0% | £15.4M (£20.1M) | ▼ 23.0% |
Northern Ireland
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 0 (102) | ▼ 100.0% | 0 (82) | ▼ 100.0% | 0 (20) | ▼ 100.0% |
| Lots Sold | 0 (50) | ▼ 100.0% | 0 (41) | ▼ 100.0% | 0 (9) | ▼ 100.0% |
| Percent Sold | 0.0% (49.0%) | ▼ 100.0% | 0.0% (50.0%) | ▼ 100.0% | 0.0% (45.0%) | ▼ 100.0% |
| Total Raised | £0.0M (£4.7M) | ▼ 100.0% | £0.0M (£4.2M) | ▼ 100.0% | £0.0M (£0.5M) | ▼ 100.0% |
Scotland
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 53 (182) | ▼ 70.9% | 22 (149) | ▼ 85.2% | 31 (33) | ▼ 6.1% |
| Lots Sold | 48 (130) | ▼ 63.1% | 18 (110) | ▼ 83.6% | 30 (20) | ▲ 50.0% |
| Percent Sold | 90.6% (71.4%) | ▲ 26.9% | 81.8% (73.8%) | ▲ 10.8% | 96.8% (60.6%) | ▲ 59.7% |
| Total Raised | £11.1M (£7.9M) | ▲ 40.7% | £1.1M (£6.4M) | ▼ 83.1% | £10.1M (£1.5M) | ▲ 549.4% |
South-East Home Counties
(Includes East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex, Channel Islands)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 960 (905) | ▲ 6.1% | 801 (766) | ▲ 4.6% | 159 (139) | ▲ 14.4% |
| Lots Sold | 769 (671) | ▲ 14.6% | 641 (565) | ▲ 13.5% | 128 (106) | ▲ 20.8% |
| Percent Sold | 80.1% (74.1%) | ▲ 8.1% | 80.0% (73.8%) | ▲ 8.4% | 80.5% (76.3%) | ▲ 5.5% |
| Total Raised | £194.1M (£139.5M) | ▲ 39.1% | £140.8M (£104.3M) | ▲ 35.0% | £53.3M (£35.2M) | ▲ 51.5% |
South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Somerset, Wiltshire, Isles of Scilly)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 442 (497) | ▼ 11.1% | 341 (375) | ▼ 9.1% | 101 (122) | ▼ 17.2% |
| Lots Sold | 368 (365) | ▲ 0.8% | 285 (274) | ▲ 4.0% | 83 (91) | ▼ 8.8% |
| Percent Sold | 83.3% (73.4%) | ▲ 13.5% | 83.6% (73.1%) | ▲ 14.4% | 82.2% (74.6%) | ▲ 10.2% |
| Total Raised | £85.3M (£66.2M) | ▲ 28.9% | £62.6M (£50.5M) | ▲ 24.1% | £22.7M (£15.7M) | ▲ 44.2% |
Wales
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 354 (472) | ▼ 25.0% | 297 (380) | ▼ 21.8% | 57 (92) | ▼ 38.0% |
| Lots Sold | 268 (329) | ▼ 18.5% | 226 (270) | ▼ 16.3% | 42 (59) | ▼ 28.8% |
| Percent Sold | 75.7% (69.7%) | ▲ 8.6% | 76.1% (71.1%) | ▲ 7.0% | 73.7% (64.1%) | ▲ 15.0% |
| Total Raised | £33.6M (£35.5M) | ▼ 5.2% | £22.6M (£26.4M) | ▼ 14.1% | £11.0M (£9.1M) | ▲ 20.4% |
West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 645 (896) | ▼ 28.0% | 587 (773) | ▼ 24.1% | 58 (123) | ▼ 52.8% |
| Lots Sold | 529 (668) | ▼ 20.8% | 484 (568) | ▼ 14.8% | 45 (100) | ▼ 55.0% |
| Percent Sold | 82.0% (74.6%) | ▲ 9.9% | 82.5% (73.5%) | ▲ 12.2% | 77.6% (81.3%) | ▼ 4.6% |
| Total Raised | £76.6M (£96.7M) | ▼ 20.8% | £65.9M (£70.6M) | ▼ 6.7% | £10.7M (£26.1M) | ▼ 59.0% |
Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| July 2020 to September 2020 | Total | Residential | Commercial | |||
| Lots Offered | 420 (721) | ▼ 41.7% | 354 (610) | ▼ 42.0% | 66 (111) | ▼ 40.5% |
| Lots Sold | 335 (566) | ▼ 40.8% | 288 (479) | ▼ 39.9% | 47 (87) | ▼ 46.0% |
| Percent Sold | 79.8% (78.5%) | ▲ 1.7% | 81.4% (78.5%) | ▲ 3.7% | 71.2% (78.4%) | ▼ 9.2% |
| Total Raised | £40.6M (£68.2M) | ▼ 40.4% | £31.2M (£46.6M) | ▼ 33.0% | £9.4M (£21.6M) | ▼ 56.3% |
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