Auction Watch – August 2018 – The Property Chronicle
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Auction Watch – August 2018 High value lots still drew significant interest from bidders

The Auctioneer

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.

The Auctioneer

About Auction Watch

Auction Watch is a regular feature looking at the preceding month's auction activity, based on data from David Sandeman of the Essential Information Group.

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