Auction Watch – October 2018 – The Property Chronicle
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Auction Watch – October 2018 An uncertain economic and political climate

The Auctioneer

Old fashioned binoculars

In what is usually the busiest period in the auction calendar, last month saw only 144 auctions held across the UK – the fewest number recorded in a September since 2006 (142). This had an obvious and marked effect on the overall monthly results – lots offered were down 11% on September 2017 to 3,378 lots whilst lots sold saw an even larger drop – down 17% to 2,382. Total auction revenues fell by almost 18% – an £80m drop in monetary terms and a stark realisation of the uncertain economic and political climate that the market is currently operating in.

Residential lots offered and sold fell by 13% and 18% respectively last month, with residential revenues shrinking by over 17% to £334m. The notable monthly falls had a significant impact on the figures for Q3, with lots sold down 9% and amount raised down 11% on the same quarter last year. The commercial sector saw a marginal increase in lots offered, from 422 to 437 lots, but 20 fewer lots sold resulting in a 67% sale rate. Commercial revenues also saw a major drop – down 21% to £37m, but as all the major London commercial auctioneers aren’t holding their first Autumn auction until this month (October) we’ll get a more accurate account of the sector in next month’s newsletter.






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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