Be prepared for the seasonal nonsense from “expert analysts” about the property market “plunging” during August – about as meaningful as saying that Christmas card sale “plummet” in January!
The reality is that the reduction in transactions is not a reflection on the market trend, as such, but that during the school holiday period one or more of the parties involved is either away or working shorter hours to try to accommodate the so called “work/life balance”. I probably show my age when I say that the balance is simple – when you finish work you get on with life!
Reliable analysis is available
The most reliable analyst in respect of property auctions, which make good headlines but represent no more than 2% of property sales in the UK, is David Sandeman of EIG. His company has been recording all property auction transactions in every region of the UK for the past 30 years.
In August, David reports that notwithstanding the small drop in lots offered – down 3% to 3,650, there were gains made in lots sold and total raised (up 0.5% and 7.3% respectively) while the sale rate jumped 3 percentage points to 75.7%.
Auction conversion rates increase
When I speak to estate agents across the Southern region, they can only dream of such high conversion rates from initial instructions to sales.