January is a difficult month for property auctions as there are too few to give any meaningful statistics. Indeed, in January there were just 9 auctions in the UK offering 430 lots, 316 of which found buyers. A conversion rate of 73.5% is in line with the national average during 2017.The reason for the relatively small number of sales is two fold – firstly, many companies wish to sell before the December financial year end and secondly, to hold an auction in January means that much of the marketing takes place during the seemingly endless Christmas break.February, however, was flying as far as auctions were concerned – around 3,900 lots went under the hammer during the shortest month of the year. Of the 3,359 residential lots 2,657 found buyers showing a headline conversion of 80%. Just 530 commercial lots were offered during the month, 89% of which found buyers. More detailed analysis by region, sector and auctioneer is available from the Essential Information Group (www.eigpropertyauctions.co.uk)
During this January I penned the introduction to the 200th catalogue which my firm has produced since being founded 28 years ago. As I reflected on the changes over that period it brought home just what a difference in the market and public perception has taken place with regard to property auctions. Back in 1989 collective land and property auctions were few and far between.