Essential Auction News
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Welcome to the August newsletter giving information on auctions held in July 2010 as well as rolling quarterly and yearly figures. For a while now the overall sales rate has been in the 60’s with July being 65.7%, an improvement on June (61.4%) and close to May (66.8%). The number of lots offered overall in July 2010 was up 9.5% on July 2009, though the amount raised was down 17.1%, due to the fall in value of commercial lots sold.
At the bottom of this newsletter there is a report on how the first half of 2010 has fared against the first half of 2009 and I hope you find this interesting. As always if you have any questions or comments on the newsletter please do get in touch. Kind regards David Sandeman Managing Director davids@eigroup.co.uk |
National Auction Analysis
| The sale rates for residential and commercial lots were 65.2% and 68.9% respectively. However, whilst the amount raised for residential lots was almost identical when compared with July 2009, the total raised for commercial lots declined by 35.9%. The quarterly and yearly comparisons for residential lots show a very steady market in terms of amount raised with virtually no difference in the periods. The commercial sector has seen a steady increase in the number of lots offered, though the amount raised would appear to be falling, notwithstanding August 2009 - July 2010 is 7.8% up on August 2008 – July 2009.
With August being a very quiet month for auctions we will have to wait for the September and October sales to see how the trends are changing. |
Total
| Last Month | Last Quarter | Last Year | |||||||
|---|---|---|---|---|---|---|---|---|---|
| July 2010 | July 2009 | Increase | May 2010 - July 2010 | May 2009 - July 2009 | Increase | August 2009 - July 2010 | August 2008 - July 2009 | Increase | |
| Lots Offered | 3,910 | 3,571 | 9.5% | 9,125 | 8,546 | 6.8% | 30,307 | 32,384 | -6.4% |
| Lots Sold | 2,569 | 2,618 | -1.9% | 6,023 | 6,238 | -3.4% | 21,465 | 23,033 | -6.8% |
| Percent Sold | 65.7% | 73.3% | -10.4% | 66% | 73% | -9.6% | 70.8% | 71.1% | -0.4% |
| Total Raised | £407,020,226 | £490,807,696 | -17.1% | £977,486,531 | £1,077,929,216 | -9.3% | £3,365,345,658 | £3,312,984,096 | 1.6% |
Residential
| Last Month | Last Quarter | Last Year | |||||||
|---|---|---|---|---|---|---|---|---|---|
| July 2010 | July 2009 | Increase | May 2010 - July 2010 | May 2009 - July 2009 | Increase | August 2009 - July 2010 | August 2008 - July 2009 | Increase | |
| Lots Offered | 3,018 | 2,744 | 10.0% | 7,151 | 6,742 | 6.1% | 24,138 | 26,817 | -10.0% |
| Lots Sold | 1,968 | 2,009 | -2.0% | 4,663 | 4,899 | -4.8% | 16,951 | 19,016 | -10.9% |
| Percent Sold | 65.2% | 73.2% | -10.9% | 65.2% | 72.7% | -10.3% | 70.2% | 70.9% | -1.0% |
| Total Raised | £256,598,962 | £256,210,706 | 0.2% | £640,709,162 | £640,877,664 | 0.0% | £2,235,362,364 | £2,264,937,349 | -1.3% |
Commercial
| Last Month | Last Quarter | Last Year | |||||||
|---|---|---|---|---|---|---|---|---|---|
| July 2010 | July 2009 | Increase | May 2010 - July 2010 | May 2009 - July 2009 | Increase | August 2009 - July 2010 | August 2008 - July 2009 | Increase | |
| Lots Offered | 892 | 827 | 7.9% | 1,974 | 1,804 | 9.4% | 6,166 | 5,567 | 10.8% |
| Lots Sold | 601 | 609 | -1.3% | 1,360 | 1,339 | 1.6% | 4,514 | 4,017 | 12.4% |
| Percent Sold | 67.4% | 73.6% | -8.4% | 68.9% | 74.2% | -7.1% | 73.2% | 72.2% | 1.4% |
| Total Raised | £150,421,264 | £234,596,990 | -35.9% | £336,777,369 | £437,051,552 | -22.9% | £1,129,983,294 | £1,048,046,747 | 7.8% |
Regional Auction Analysis
| As is usually the case, variations across all the measurable parameters can be seen across the regions. |
East Anglia
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 286 | 303 | -5.6% |
| Lots Sold | 187 | 227 | -17.6% |
| Percent Sold | 65.4% | 74.9% | -12.7% |
| Total Raised | £33,889,877 | £42,553,400 | -20.4% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 206 | 238 | -13.4% |
| Lots Sold | 130 | 178 | -27.0% |
| Percent Sold | 63.1% | 74.8% | -15.6% |
| Total Raised | £21,439,877 | £21,960,900 | -2.4% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 80 | 65 | 23.1% |
| Lots Sold | 57 | 49 | 16.3% |
| Percent Sold | 71.3% | 75.4% | -5.4% |
| Total Raised | £12,450,000 | £20,592,500 | -39.5% |
East Midlands
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 742 | 597 | 24.3% |
| Lots Sold | 522 | 445 | 17.3% |
| Percent Sold | 70.4% | 74.5% | -5.5% |
| Total Raised | £56,848,263 | £52,736,426 | 7.8% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 576 | 447 | 28.9% |
| Lots Sold | 406 | 336 | 20.8% |
| Percent Sold | 70.5% | 75.2% | -6.3% |
| Total Raised | £37,852,058 | £30,747,600 | 23.1% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 166 | 150 | 10.7% |
| Lots Sold | 116 | 109 | 6.4% |
| Percent Sold | 69.9% | 72.7% | -3.9% |
| Total Raised | £18,996,205 | £21,988,826 | -13.6% |
London
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 1,001 | 982 | 1.9% |
| Lots Sold | 757 | 786 | -3.7% |
| Percent Sold | 75.6% | 80% | -5.5% |
| Total Raised | £267,928,100 | £251,929,600 | 6.4% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 824 | 868 | -5.1% |
| Lots Sold | 632 | 691 | -8.5% |
| Percent Sold | 76.7% | 79.6% | -3.6% |
| Total Raised | £181,117,600 | £188,160,100 | -3.7% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 177 | 114 | 55.3% |
| Lots Sold | 125 | 95 | 31.6% |
| Percent Sold | 70.6% | 83.3% | -15.2% |
| Total Raised | £86,810,500 | £63,769,500 | 36.1% |
North-East
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 679 | 606 | 12.0% |
| Lots Sold | 281 | 319 | -11.9% |
| Percent Sold | 41.4% | 52.6% | -21.3% |
| Total Raised | £22,724,303 | £34,377,286 | -33.9% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 615 | 525 | 17.1% |
| Lots Sold | 251 | 273 | -8.1% |
| Percent Sold | 40.8% | 52% | -21.5% |
| Total Raised | £18,359,103 | £24,775,036 | -25.9% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 64 | 81 | -21.0% |
| Lots Sold | 30 | 46 | -34.8% |
| Percent Sold | 46.9% | 56.8% | -17.4% |
| Total Raised | £4,365,200 | £9,602,250 | -54.5% |
North-West
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 1,285 | 1,313 | -2.1% |
| Lots Sold | 821 | 906 | -9.4% |
| Percent Sold | 63.9% | 69% | -7.4% |
| Total Raised | £87,635,100 | £95,389,027 | -8.1% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 988 | 1,052 | -6.1% |
| Lots Sold | 623 | 716 | -13.0% |
| Percent Sold | 63.1% | 68.1% | -7.3% |
| Total Raised | £53,659,250 | £53,608,577 | 0.1% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 297 | 261 | 13.8% |
| Lots Sold | 198 | 190 | 4.2% |
| Percent Sold | 66.7% | 72.8% | -8.4% |
| Total Raised | £33,975,850 | £41,780,450 | -18.7% |
North-West Home Counties
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 502 | 394 | 27.4% |
| Lots Sold | 367 | 320 | 14.7% |
| Percent Sold | 73.1% | 81.2% | -10.0% |
| Total Raised | £86,026,299 | £102,685,600 | -16.2% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 372 | 287 | 29.6% |
| Lots Sold | 268 | 232 | 15.5% |
| Percent Sold | 72% | 80.8% | -10.9% |
| Total Raised | £54,979,049 | £42,419,600 | 29.6% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 130 | 107 | 21.5% |
| Lots Sold | 99 | 88 | 12.5% |
| Percent Sold | 76.2% | 82.2% | -7.3% |
| Total Raised | £31,047,250 | £60,266,000 | -48.5% |
Scotland
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 233 | 213 | 9.4% |
| Lots Sold | 133 | 138 | -3.6% |
| Percent Sold | 57.1% | 64.8% | -11.9% |
| Total Raised | £20,432,750 | £19,902,900 | 2.7% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 159 | 128 | 24.2% |
| Lots Sold | 89 | 79 | 12.7% |
| Percent Sold | 56% | 61.7% | -9.2% |
| Total Raised | £6,173,100 | £6,660,000 | -7.3% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 74 | 85 | -12.9% |
| Lots Sold | 44 | 59 | -25.4% |
| Percent Sold | 59.5% | 69.4% | -14.3% |
| Total Raised | £14,259,650 | £13,242,900 | 7.7% |
South-East Home Counties
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 1,240 | 986 | 25.8% |
| Lots Sold | 914 | 800 | 14.3% |
| Percent Sold | 73.7% | 81.1% | -9.1% |
| Total Raised | £163,687,801 | £162,889,707 | 0.5% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 968 | 780 | 24.1% |
| Lots Sold | 716 | 643 | 11.4% |
| Percent Sold | 74% | 84.4% | -12.3% |
| Total Raised | £112,182,551 | £95,812,921 | 17.1% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 272 | 206 | 32.0% |
| Lots Sold | 198 | 157 | 26.1% |
| Percent Sold | 72.8% | 76.2% | -4.5% |
| Total Raised | £51,505,250 | £67,076,786 | -23.2% |
South-West
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 726 | 747 | -2.8% |
| Lots Sold | 497 | 559 | -11.1% |
| Percent Sold | 68.5% | 74.8% | -8.4% |
| Total Raised | £77,058,200 | £101,024,850 | -23.7% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 528 | 501 | 5.4% |
| Lots Sold | 337 | 359 | -6.1% |
| Percent Sold | 63.8% | 71.7% | -11.0% |
| Total Raised | £50,398,450 | £51,797,550 | -2.7% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 198 | 246 | -19.5% |
| Lots Sold | 160 | 200 | -20.0% |
| Percent Sold | 80.8% | 81.3% | -0.6% |
| Total Raised | £26,659,750 | £49,227,300 | -45.8% |
Wales
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 661 | 659 | 0.3% |
| Lots Sold | 454 | 481 | -5.6% |
| Percent Sold | 68.7% | 73% | -5.9% |
| Total Raised | £37,719,950 | £47,950,475 | -21.3% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 515 | 500 | 3.0% |
| Lots Sold | 359 | 377 | -4.8% |
| Percent Sold | 69.7% | 75.4% | -7.6% |
| Total Raised | £26,984,650 | £30,318,185 | -11.0% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 146 | 159 | -8.2% |
| Lots Sold | 95 | 104 | -8.7% |
| Percent Sold | 65.1% | 65.4% | -0.5% |
| Total Raised | £10,735,300 | £17,632,290 | -39.1% |
West Midlands
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 1,006 | 968 | 3.9% |
| Lots Sold | 614 | 704 | -12.8% |
| Percent Sold | 61% | 72.7% | -16.1% |
| Total Raised | £75,063,864 | £102,750,345 | -26.9% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 788 | 773 | 1.9% |
| Lots Sold | 476 | 567 | -16.0% |
| Percent Sold | 60.4% | 73.4% | -17.7% |
| Total Raised | £47,306,550 | £57,571,245 | -17.8% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 218 | 195 | 11.8% |
| Lots Sold | 138 | 137 | 0.7% |
| Percent Sold | 63.3% | 70.3% | -10.0% |
| Total Raised | £27,757,314 | £45,179,100 | -38.6% |
Yorkshire and The Humber
| Total | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 757 | 777 | -2.6% |
| Lots Sold | 473 | 552 | -14.3% |
| Percent Sold | 62.5% | 71% | -12.0% |
| Total Raised | £48,385,024 | £63,574,600 | -23.9% |
| Residential | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 605 | 642 | -5.8% |
| Lots Sold | 373 | 447 | -16.6% |
| Percent Sold | 61.7% | 69.6% | -11.4% |
| Total Raised | £30,169,924 | £36,880,950 | -18.2% |
| Commercial | |||
|---|---|---|---|
| May 2010 - July 2010 | May 2009 - July 2009 | Increase | |
| Lots Offered | 152 | 135 | 12.6% |
| Lots Sold | 100 | 105 | -4.8% |
| Percent Sold | 65.8% | 77.8% | -15.4% |
| Total Raised | £18,215,100 | £26,693,650 | -31.8% |
Half Yearly Round-up
Being in the midst of what has been billed as the worst recession for decades, below is a review as to how the auction industry has fared over the past six months against the economic backdrop and the ending of continual property price rises and confidence in 2007 and early 2008.
The charts show how each of the first six months of the year have compared with each other 2006 - 2010. The figures shown are for the combined residential and commercial sales.
Lots Sold
It comes as no surprise to see that the peak in every case occurred in 2007 (except Jan), and that 2009 and 2010 had the lowest figures between them. The fall in 'lots sold', when comparing H1 2007 with H1 2010, was 30% for residential and 34% for commercial. This should be viewed against the 60%+ fall in the number of property transactions recorded at Land Registry in the same periods.
Amount Raised
A similar story to that with 'lots sold' is seen, albeit with bigger differences between the high and low values. This was in part due to the drop in number of commercial lots being offered that intrinsically have a higher average price than residential lots. In addition, there were fewer of the larger residential lots being offered.
Percent Sold
As one would expect, 2006 and 2007 had some of the highest rates but perhaps surprisingly 2009 had high rates as well. 2008 carried the lowest sale rates as the market adjusted to changing sentiment, with 2010 being in the mid area and just below the long term average.
Conclusion
Whilst we have seen a decline across all the metrics for measuring activity in the auction market, the numbers do show that the decline has slowed down or arrested and in some cases reversed, and outperformed the wider residential market. Looking forward I believe that the auction market has adjusted itself to the new market conditions and will perform relatively well going forward.
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 email us anytime. |