UK property auction activity slowed in August, with more lots coming to market but fewer successfully selling than a year earlier. The number of lots offered increased by 2.9% year on year, while lots sold fell by 2.6%, pushing the overall success rate down to 60.6%. Despite fewer sales, the total amount raised increased by 4.3% to £179.2m.
Residential supply resilient, commercial weakens
Residential auction supply remained relatively resilient. The number of residential lots offered rose by 4.2% compared with August last year, while commercial activity weakened. The figures reflect the traditional summer slowdown in the auction market, with the holiday period contributing to quieter activity.
London auction activity jumps
The regional picture was stronger when measured over the latest rolling quarter. London recorded a 31.1% increase in lots offered compared with the same period last year. Sales increased by 34.9%, while the total raised climbed 29.4%. The South West also recorded higher activity. Lots offered rose by 21.3%, with sales up 16.9%. The West Midlands and Yorkshire & The Humber also recorded higher auction volumes than during the corresponding period last year.
The figures suggest auction supply remained relatively strong despite the August slowdown, although the lower success rate points to more challenging selling conditions. The data is based on sales data provided to EIG by the auctioneers.
