Essential Auction News
|
Welcome to the March newsletter. This edition reports on the auction activity in February 2009.
The key factor has been the increase in the overall sale rate to 74%. This is the highest it has been for exactly 2 years (February 2007 was 78%). In February 2007 4,412 lots were offered, and a total of £821,576,742 raised, nearly 250% more than February 2009.
There is no reason why this sales level cannot be sustained in this market so long as vendors are realistic about their expectations, and continue to use auctions as a viable means to sell property in this market.
Kind regards
David Sandeman
Managing Director
davids@eigroup.co.uk
|
National Auction Analysis
February is always the first month of the year that has a full set of auctions. You will see from the numbers below that the percentage sold for February 2008 was also 74%, but this includes 110 lots that sold post and were not included in the March 2008 newsletter that reported a sales rate of 71% for February 2008. There was a decline in the number of lots offered across both sectors of the market for the month on month totals.
The quarterly and yearly comparisons show a less marked drop in lots offered, pointing to a stabilisation in the fall in lots coming to auction. However the fall in amount raised in the three periods, month, quarterly and yearly, continues to show drops of 43.1%, 39.8% and 37.1% respectively. There are three main reasons for this: declining values in the property market, smaller lots being offered, less commercial lots being offered which tend to have a higher lot value than residential lots, and a decline in the percentage sold rate.
Total
| |
Last Month |
Last Quarter |
Last Year |
|
February 2009 |
February 2008 |
Increase |
December 2008 - February 2009
|
December 2007 - February 2008
|
Increase |
March 2008 - February 2009 |
March 2007 - February 2008 |
Increase |
| Lots Offered |
3,159 |
3,982 |
-20.7% |
7,157 |
8,203 |
-12.8% |
37,121 |
37,760 |
-1.7% |
| Lots Sold |
2,342 |
2,932 |
-20.1% |
5,139 |
5,791 |
-11.3% |
24,031 |
26,800 |
-10.3% |
| Percent Sold |
74% |
74% |
0.7% |
72% |
71% |
1.7% |
65% |
71% |
-8.8% |
| Total Raised |
£335,449,335 |
£584,763,071 |
-42.6% |
£705,864,995 |
£1,167,468,259 |
-39.5% |
£3,590,453,600 |
£5,704,301,524 |
-37.1% |
Residential
| |
Last Month |
Last Quarter |
Last Year |
|
February 2009 |
February 2008 |
Increase |
December 2008 - February 2009
|
December 2007 - February 2008
|
Increase |
March 2008 - February 2009 |
March 2007 - February 2008 |
Increase |
| Lots Offered |
2,588 |
3,055 |
-15.3% |
6,021 |
6,518 |
-7.6% |
30,786 |
30,332 |
1.5% |
| Lots Sold |
1,925 |
2,180 |
-11.7% |
4,345 |
4,484 |
-3.1% |
19,720 |
21,108 |
-6.6% |
| Percent Sold |
74% |
71% |
4.2% |
72% |
69% |
4.9% |
64% |
70% |
-8.0% |
| Total Raised |
£235,372,675 |
£371,367,402 |
-36.6% |
£516,960,275 |
£710,911,495 |
-27.3% |
£2,515,462,567 |
£3,585,306,938 |
-29.8% |
Commercial
| |
Last Month |
Last Quarter |
Last Year |
|
February 2009 |
February 2008 |
Increase |
December 2008 - February 2009
|
December 2007 - February 2008
|
Increase |
March 2008 - February 2009 |
March 2007 - February 2008 |
Increase |
| Lots Offered |
571 |
927 |
-38.4% |
1,136 |
1,685 |
-32.6% |
6,335 |
7,388 |
-14.3% |
| Lots Sold |
417 |
752 |
-44.5% |
794 |
1,307 |
-39.3% |
4,311 |
5,663 |
-23.9% |
| Percent Sold |
73% |
81% |
-10.0% |
70% |
78% |
-9.9% |
68% |
77% |
-11.2% |
| Total Raised |
£100,076,660 |
£213,395,669 |
-53.1% |
£188,904,720 |
£456,556,764 |
-58.6% |
£1,074,991,033 |
£2,084,974,586 |
-48.4% |
Regional Auction Analysis
For the first time in a long while all sectors of all regions had percentage sold rates in excess of 60%, with almost 80% of all London based stock selling. The difference between the regions is also less marked than in the past showing a greater uniformity across the UK.
East Anglia
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
184 |
210 |
-12.4% |
| Lots Sold |
123 |
171 |
-28.1% |
| Percent Sold |
66.8% |
81.4% |
-17.9% |
| Total Raised |
£16,813,850 |
£36,768,250 |
-54.3% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
149 |
139 |
7.2% |
| Lots Sold |
101 |
105 |
-3.8% |
| Percent Sold |
67.8% |
75.5% |
-10.3% |
| Total Raised |
£11,522,600 |
£21,432,250 |
-46.2% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
35 |
71 |
-50.7% |
| Lots Sold |
22 |
66 |
-66.7% |
| Percent Sold |
62.9% |
93.0% |
-32.4% |
| Total Raised |
£5,291,250 |
£15,336,000 |
-65.5% |
East Midlands
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
526 |
621 |
-15.3% |
| Lots Sold |
397 |
459 |
-13.5% |
| Percent Sold |
75.5% |
73.9% |
2.1% |
| Total Raised |
£40,268,450 |
£63,714,910 |
-36.8% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
455 |
521 |
-12.7% |
| Lots Sold |
346 |
375 |
-7.7% |
| Percent Sold |
76.0% |
72.0% |
5.7% |
| Total Raised |
£26,604,450 |
£40,066,000 |
-33.6% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
71 |
100 |
-29.0% |
| Lots Sold |
51 |
84 |
-39.3% |
| Percent Sold |
71.8% |
84.0% |
-14.5% |
| Total Raised |
£13,664,000 |
£23,648,910 |
-42.2% |
London
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
1004 |
930 |
8.0% |
| Lots Sold |
800 |
733 |
9.1% |
| Percent Sold |
79.7% |
78.8% |
1.1% |
| Total Raised |
£201,006,900 |
£294,198,350 |
-31.7% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
902 |
817 |
10.4% |
| Lots Sold |
724 |
634 |
14.2% |
| Percent Sold |
80.3% |
77.6% |
3.4% |
| Total Raised |
£162,178,400 |
£207,522,850 |
-21.9% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
102 |
113 |
-9.7% |
| Lots Sold |
76 |
99 |
-23.2% |
| Percent Sold |
74.5% |
87.6% |
-15.0% |
| Total Raised |
£38,828,500 |
£86,675,500 |
-55.2% |
North-East
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
564 |
538 |
4.8% |
| Lots Sold |
366 |
351 |
4.3% |
| Percent Sold |
64.9% |
65.2% |
-0.5% |
| Total Raised |
£34,726,710 |
£47,605,188 |
-27.1% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
532 |
473 |
12.5% |
| Lots Sold |
344 |
304 |
13.2% |
| Percent Sold |
64.7% |
64.3% |
0.6% |
| Total Raised |
£31,536,450 |
£32,674,193 |
-3.5% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
32 |
65 |
-50.8% |
| Lots Sold |
22 |
47 |
-53.2% |
| Percent Sold |
68.8% |
72.3% |
-4.9% |
| Total Raised |
£3,190,260 |
£14,930,995 |
-78.6% |
North-West
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
1297 |
1426 |
-9.0% |
| Lots Sold |
857 |
901 |
-4.9% |
| Percent Sold |
66.1% |
63.2% |
4.6% |
| Total Raised |
£79,858,725 |
£120,847,000 |
-33.9% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
1058 |
1116 |
-5.2% |
| Lots Sold |
696 |
689 |
1.0% |
| Percent Sold |
65.8% |
61.7% |
6.6% |
| Total Raised |
£53,594,425 |
£68,702,550 |
-22.0% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
239 |
310 |
-22.9% |
| Lots Sold |
161 |
212 |
-24.1% |
| Percent Sold |
67.4% |
68.4% |
-1.5% |
| Total Raised |
£26,264,300 |
£52,144,450 |
-49.6% |
North-West Home Counties
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
352 |
430 |
-18.1% |
| Lots Sold |
266 |
305 |
-12.8% |
| Percent Sold |
75.6% |
70.9% |
6.5% |
| Total Raised |
£54,053,950 |
£88,811,951 |
-39.1% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
289 |
344 |
-16.0% |
| Lots Sold |
217 |
240 |
-9.6% |
| Percent Sold |
75.1% |
69.8% |
7.6% |
| Total Raised |
£34,704,700 |
£51,702,451 |
-32.9% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
63 |
86 |
-26.7% |
| Lots Sold |
49 |
65 |
-24.6% |
| Percent Sold |
77.8% |
75.6% |
2.9% |
| Total Raised |
£19,349,250 |
£37,109,500 |
-47.9% |
Scotland
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
106 |
183 |
-42.1% |
| Lots Sold |
74 |
151 |
-51.0% |
| Percent Sold |
69.8% |
82.5% |
-15.4% |
| Total Raised |
£5,777,450 |
£27,065,410 |
-78.7% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
57 |
90 |
-36.7% |
| Lots Sold |
39 |
67 |
-41.8% |
| Percent Sold |
68.4% |
74.4% |
-8.1% |
| Total Raised |
£3,301,100 |
£5,049,650 |
-34.6% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
49 |
93 |
-47.3% |
| Lots Sold |
35 |
84 |
-58.3% |
| Percent Sold |
71.4% |
90.3% |
-20.9% |
| Total Raised |
£2,476,350 |
£22,015,760 |
-88.8% |
South-East Home Counties
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
960 |
1142 |
-15.9% |
| Lots Sold |
722 |
850 |
-15.1% |
| Percent Sold |
75.2% |
74.4% |
1.0% |
| Total Raised |
£109,109,510 |
£194,826,550 |
-44.0% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
750 |
903 |
-16.9% |
| Lots Sold |
577 |
661 |
-12.7% |
| Percent Sold |
76.9% |
73.2% |
5.1% |
| Total Raised |
£76,223,650 |
£112,467,551 |
-32.2% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
210 |
239 |
-12.1% |
| Lots Sold |
145 |
189 |
-23.3% |
| Percent Sold |
69.0% |
79.1% |
-12.7% |
| Total Raised |
£32,885,860 |
£82,358,999 |
-60.1% |
South-West
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
399 |
503 |
-20.7% |
| Lots Sold |
299 |
338 |
-11.5% |
| Percent Sold |
74.9% |
67.2% |
11.5% |
| Total Raised |
£42,587,100 |
£70,220,800 |
-39.4% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
317 |
373 |
-15.0% |
| Lots Sold |
240 |
227 |
5.7% |
| Percent Sold |
75.7% |
60.9% |
24.4% |
| Total Raised |
£30,612,850 |
£36,510,300 |
-16.2% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
82 |
130 |
-36.9% |
| Lots Sold |
59 |
111 |
-46.8% |
| Percent Sold |
72.0% |
85.4% |
-15.7% |
| Total Raised |
£11,974,250 |
£33,710,500 |
-64.5% |
Wales
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
476 |
524 |
-9.2% |
| Lots Sold |
350 |
361 |
-3.0% |
| Percent Sold |
73.5% |
68.9% |
6.7% |
| Total Raised |
£27,859,100 |
£43,633,100 |
-36.2% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
392 |
420 |
-6.7% |
| Lots Sold |
295 |
289 |
2.1% |
| Percent Sold |
75.3% |
68.8% |
9.4% |
| Total Raised |
£23,292,250 |
£25,697,100 |
-9.4% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
84 |
104 |
-19.2% |
| Lots Sold |
55 |
72 |
-23.6% |
| Percent Sold |
65.5% |
69.2% |
-5.4% |
| Total Raised |
£4,566,850 |
£17,936,000 |
-74.5% |
West Midlands
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
598 |
963 |
-37.9% |
| Lots Sold |
400 |
654 |
-38.8% |
| Percent Sold |
66.9% |
67.9% |
-1.5% |
| Total Raised |
£40,641,950 |
£105,501,350 |
-61.5% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
515 |
762 |
-32.4% |
| Lots Sold |
341 |
503 |
-32.2% |
| Percent Sold |
66.2% |
66.0% |
0.3% |
| Total Raised |
£28,431,450 |
£65,880,600 |
-56.8% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
83 |
201 |
-58.7% |
| Lots Sold |
59 |
151 |
-60.9% |
| Percent Sold |
71.1% |
75.1% |
-5.4% |
| Total Raised |
£12,210,500 |
£39,620,750 |
-69.2% |
Yorkshire and The Humber
| Total |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
683 |
726 |
-5.9% |
| Lots Sold |
481 |
513 |
-6.2% |
| Percent Sold |
70.4% |
70.7% |
-0.3% |
| Total Raised |
£52,710,300 |
£73,818,400 |
-28.6% |
| Residential |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
597 |
553 |
8.0% |
| Lots Sold |
421 |
386 |
9.1% |
| Percent Sold |
70.5% |
69.8% |
1.0% |
| Total Raised |
£34,506,950 |
£42,749,000 |
-19.3% |
| Commercial |
|
December 2008 - February 2009 |
December 2007 - February 2008 |
Increase |
| Lots Offered |
86 |
173 |
-50.3% |
| Lots Sold |
60 |
127 |
-52.8% |
| Percent Sold |
69.8% |
73.4% |
-5.0% |
| Total Raised |
£18,203,350 |
£31,069,400 |
-41.4% |
Your Comments
If you would like to comment on anything in this email, or have any suggestions for future newsletters, we would like to hear from you. So please
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