Whilst July is traditionally one of the busiest months in the auction calendar, there were only 132 auctions held across the UK last month – 12 fewer than last year and 36 fewer than in July 2016.  It is perhaps no surprise then to see numbers down on last year, with lots offered falling 2.8% to 3,555 lots, lots sold falling 7.1% to 2,578 lots and auction revenues down by over 10%, from £527m to £473m. It should be noted though that these falls are far less than those witnessed in June, when volumes fell by over 20% and revenues by 24%.

Residential lots offered and sold fell by 4.8% and 8.2% respectively, whilst total raised dropped £18m to £309m – down 8.3%. The commercial market saw an increase in lots offered; up 5.7% to 743 lots, but sales dipped by 2.2% and revenues fell 13.5% to £164m.

Savills held a mixed-use auction in London on 24th July and 67 of the 97 lots sold in the room (or beforehand), leading to an overall success rate of 69.1%. This was fractionally better than their June auction which achieved a 67.3% success rate, again reflective of the muted state of the market.

A star lot that attracted some firm bidding was a development site in Colindale, London NW9. This was a former car showroom with planning permission in place for the demolition of the existing space and erection of a new six-storey building comprising 18 flats as well as some B1 space. It sold for £3.21m.