The number of property auction lots offered, sold and the amounts achieved, reached their highest level since 2007, according the Essential Information Group (EIG).
Data provided by EIG shows that the UK property auction market capped off a strong performing 2012, with a wide range of lots going under the hammer in December.
The overall results for the month were comparable to December 2011, with only marginal differences in the volume of lots being offered and sold. However, the amount raised rose by just over 12 per cent, thanks mainly to a particularly strong set of commercial results.
David Sandeman, head of EIG, said, “The yearly figures show that the property auction market enjoyed another positive year, with gains of around five per cent made in lots offered, sold and amount raised, and our historic data also shows these to be at their highest levels in four years. The growth was mainly due to gains made in the residential sector, whilst the commercial market contracted slightly.”
The residential sector had a good year overall, with lots offered growing by almost seven per cent to 27,831 and lots sold by over eight per cent to 20,915. The amount raised increased by nearly ten per cent, as over £2.47 billion worth of residential property sold at auction. These “encouraging figures” should instil confidence and optimism to the market as we head into 2013, according to Sandeman.
David Sansome for Sansome & George Network Auctions added: “We enjoyed an 82% success rate in 2012 which reinforces the fact that selling by auction is an excellent method of sale.
The combination we provide of local expertise and national marketing ensures that activity at our six Central London based auctions is always brisk.” Lots are now being taken for inclusion in the March auction.