According to the Essential Information Group’s (EIG) August newsletter overall (residential and commercial) auction activity in July is up 7.8% on the same period last year.
EIG, which provides details of every UK property that goes to auction, reports that July, which is traditionally one of the busiest months in the auction calendar is no exception this year, with 4,200 lots offered across 194 auctions – a 7.8% gain on July 2013.
The number of lots actually sold at auction increased by 4.4% to 3.062 lots, generating total revenues of £539.2M.
This was yet another substantial gain on last year (15.4%), whilst similar rises are evident in the rolling quarterly and yearly figures.
Within these statistics, residential lots figure high on the charts with an increase of around 10% of lots being offered.
Auction house operators throughout the country are saying that these figures are a very good sign of the buoyancy of the property market in the UK as the general economy improvements gain traction. It also, shows, they say, that auctions, traditionally the preserve of the commercial property industry, are becoming more popular with the buying and selling public.