Essential Auction News
"Percentage sold" climbs to 71% in February
|
Welcome to the third newsletter of 2008. It covers the month of February 2008, the quarter and yearly figures ending February 2008, and compares them, as usual, with previous corresponding periods.
There has been much talk in the press recently about the decline in the percentage sold rates at auction since last summer and I am pleased to show that overall it has climbed in February to 71%.
At the bottom of the newsletter, we have analysed the percentage sold rates on a quarterly basis for different types of property (e.g. commercial sale and lease backs, repossessions, vacant houses etc) to see how each type has fared. Do take a look, it makes interesting reading.
Finally I am pleased to announce the publication of the 3rd issue of RAPID. In RAPID Essential Information Group and Allsop have analysed on a national basis, a number of topics including how repossessed 'New Build' flats have performed at auction (on average, down 26% on original Land Registry price), the growth of repossessions at auction and the changing yields of AST's at auction. I am sure you will find the data interesting and it can be viewed by following this link www.eigroup.co.uk/market-data/rapid/.
As always I would welcome your comments on the content of the newsletter and if you have any questions on it please do not hesitate to contact me.
Kind regards
David Sandeman
Managing Director
davids@eigroup.co.uk
|
National Auction Analysis
Overall, February 2008, when compared with February 2007, was down on the key figures, namely lots offered down 9.9% (to 3,984 lots), lots sold down 21.3%, percent sold down 12.8%, and amount raised down 38.9% (to £548,924,521). This trend for lots offered however was reversed when comparing the past quarter and past year with the previous corresponding periods.
Looking at the residential market and commercial market separately, the residential sector saw an increase in terms of lots offered and amount raised when looking at the yearly figures, though the quarterly figures show only a small increase in lots offered (3.9%) and a decline in both percentage sold and amount raised. The latter numbers are a clear sign as to how the credit crunch has affected the market.
The commercial sale rate was 79%, almost unchanged over the year, and a trend that has been fairly consistent over the last 2 years and beyond. The amount raised however at commercial auctions fell 55.6% when comparing the monthly figures and 43.9% when comparing the quarterly figures, again indicative of the changing market conditions.
Total
| |
Last Month |
Last Quarter |
Last Year |
|
February 2008 |
February 2007 |
Increase |
December 2007 - February 2008
|
December 2006 - February 2007
|
Increase |
March 2007 - February 2008 |
March 2006 - February 2007 |
Increase |
| Lots Offered |
3,984 |
4,421 |
-9.9% |
8,201 |
8,190 |
0.1% |
37,800 |
35,071 |
7.8% |
| Lots Sold |
2,824 |
3,587 |
-21.3% |
5,602 |
6,555 |
-14.5% |
26,599 |
27,495 |
-3.3% |
| Percent Sold |
71% |
81% |
-12.6% |
68% |
80% |
-14.7% |
70% |
78% |
-10.2% |
| Total Raised |
£548,987,021 |
£898,663,043 |
-38.9% |
£1,113,671,616 |
£1,615,859,540 |
-31.1% |
£5,595,829,040 |
£6,159,613,558 |
-9.2% |
Residential
| |
Last Month |
Last Quarter |
Last Year |
|
February 2008 |
February 2007 |
Increase |
December 2007 - February 2008
|
December 2006 - February 2007
|
Increase |
March 2007 - February 2008 |
March 2006 - February 2007 |
Increase |
| Lots Offered |
3,055 |
3,328 |
-8.2% |
6,517 |
6,271 |
3.9% |
30,371 |
27,540 |
10.3% |
| Lots Sold |
2,092 |
2,681 |
-22.0% |
4,319 |
4,998 |
-13.6% |
20,935 |
21,323 |
-1.8% |
| Percent Sold |
68% |
81% |
-15.0% |
66% |
80% |
-16.8% |
69% |
77% |
-11.0% |
| Total Raised |
£351,447,602 |
£452,701,243 |
-22.4% |
£673,385,102 |
£828,877,590 |
-18.8% |
£3,500,666,654 |
£3,372,421,029 |
3.8% |
Commercial
| |
Last Month |
Last Quarter |
Last Year |
|
February 2008 |
February 2007 |
Increase |
December 2007 - February 2008
|
December 2006 - February 2007
|
Increase |
March 2007 - February 2008 |
March 2006 - February 2007 |
Increase |
| Lots Offered |
926 |
1,091 |
-15.1% |
1,684 |
1,916 |
-12.1% |
7,429 |
7,531 |
-1.4% |
| Lots Sold |
729 |
904 |
-19.4% |
1,283 |
1,554 |
-17.4% |
5,664 |
6,172 |
-8.2% |
| Percent Sold |
79% |
83% |
-5.0% |
76% |
81% |
-6.1% |
76% |
82% |
-7.0% |
| Total Raised |
£197,167,419 |
£444,540,800 |
-55.6% |
£440,286,514 |
£784,715,950 |
-43.9% |
£2,095,162,386 |
£2,787,192,529 |
-24.8% |
Regional Auction Analysis
Looking at the overall figures, the past quarter is the first time in many months that there has been a sale rate in all regions of at least 50%. Of the 13 regions, 2 were in the 50% to 60% bracket, 5 in the 60% to 70% bracket and the remaining 6 regions had sale rates in excess of 70%. As one would expect following on from the national figures, the commercial sale rates were generally better than the residential figures.
East Anglia
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
210 |
182 |
15.4% |
| Lots Sold |
166 |
146 |
13.7% |
| Percent Sold |
79.0% |
80.2% |
-1.5% |
| Total Raised |
£35,085,750 |
£42,815,700 |
-18.1% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
139 |
125 |
11.2% |
| Lots Sold |
100 |
103 |
-2.9% |
| Percent Sold |
71.9% |
82.4% |
-12.7% |
| Total Raised |
£19,749,750 |
£17,463,200 |
13.1% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
71 |
57 |
24.6% |
| Lots Sold |
66 |
43 |
53.5% |
| Percent Sold |
93.0% |
75.4% |
23.2% |
| Total Raised |
£15,336,000 |
£25,352,500 |
-39.5% |
East Midlands
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
621 |
602 |
3.2% |
| Lots Sold |
440 |
473 |
-7.0% |
| Percent Sold |
70.9% |
78.6% |
-9.8% |
| Total Raised |
£60,704,410 |
£81,974,950 |
-25.9% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
521 |
508 |
2.6% |
| Lots Sold |
358 |
398 |
-10.1% |
| Percent Sold |
68.7% |
78.3% |
-12.3% |
| Total Raised |
£37,255,500 |
£46,722,450 |
-20.3% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
100 |
94 |
6.4% |
| Lots Sold |
82 |
75 |
9.3% |
| Percent Sold |
82.0% |
79.8% |
2.8% |
| Total Raised |
£23,448,910 |
£35,252,500 |
-33.5% |
London
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
930 |
1056 |
-11.9% |
| Lots Sold |
729 |
960 |
-24.1% |
| Percent Sold |
78.4% |
90.9% |
-13.8% |
| Total Raised |
£286,618,350 |
£383,518,303 |
-25.3% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
817 |
878 |
-6.9% |
| Lots Sold |
632 |
799 |
-20.9% |
| Percent Sold |
77.4% |
91.0% |
-15.0% |
| Total Raised |
£202,422,850 |
£240,225,753 |
-15.7% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
113 |
178 |
-36.5% |
| Lots Sold |
97 |
161 |
-39.8% |
| Percent Sold |
85.8% |
90.4% |
-5.1% |
| Total Raised |
£84,195,500 |
£143,292,550 |
-41.2% |
North-East
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
532 |
489 |
8.8% |
| Lots Sold |
267 |
360 |
-25.8% |
| Percent Sold |
50.2% |
73.6% |
-31.8% |
| Total Raised |
£37,230,946 |
£65,048,950 |
-42.8% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
467 |
430 |
8.6% |
| Lots Sold |
222 |
313 |
-29.1% |
| Percent Sold |
47.5% |
72.8% |
-34.7% |
| Total Raised |
£22,385,951 |
£35,334,950 |
-36.6% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
65 |
59 |
10.2% |
| Lots Sold |
45 |
47 |
-4.3% |
| Percent Sold |
69.2% |
79.7% |
-13.1% |
| Total Raised |
£14,844,995 |
£29,714,000 |
-50.0% |
North-West
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
1432 |
1509 |
-5.1% |
| Lots Sold |
888 |
1075 |
-17.4% |
| Percent Sold |
62.0% |
71.2% |
-13.0% |
| Total Raised |
£115,429,800 |
£157,136,251 |
-26.5% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
1121 |
1178 |
-4.8% |
| Lots Sold |
680 |
821 |
-17.2% |
| Percent Sold |
60.7% |
69.7% |
-13.0% |
| Total Raised |
£65,666,100 |
£91,898,951 |
-28.5% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
311 |
331 |
-6.0% |
| Lots Sold |
208 |
254 |
-18.1% |
| Percent Sold |
66.9% |
76.7% |
-12.8% |
| Total Raised |
£49,763,700 |
£65,237,300 |
-23.7% |
North-West Home Counties
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
430 |
518 |
-17.0% |
| Lots Sold |
301 |
422 |
-28.7% |
| Percent Sold |
70.0% |
81.5% |
-14.1% |
| Total Raised |
£86,878,201 |
£180,754,650 |
-51.9% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
344 |
317 |
8.5% |
| Lots Sold |
237 |
255 |
-7.1% |
| Percent Sold |
68.9% |
80.4% |
-14.4% |
| Total Raised |
£49,863,701 |
£67,951,750 |
-26.6% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
86 |
201 |
-57.2% |
| Lots Sold |
64 |
167 |
-61.7% |
| Percent Sold |
74.4% |
83.1% |
-10.4% |
| Total Raised |
£37,014,500 |
£112,802,900 |
-67.2% |
Northern Ireland
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
7 |
4 |
75.0% |
| Lots Sold |
4 |
4 |
0.0% |
| Percent Sold |
57.1% |
100.0% |
-42.9% |
| Total Raised |
£457,000 |
£2,389,500 |
-80.9% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
7 |
1 |
600.0% |
| Lots Sold |
4 |
1 |
300.0% |
| Percent Sold |
57.1% |
100.0% |
-42.9% |
| Total Raised |
£457,000 |
£123,500 |
270.0% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
0 |
3 |
-100.0% |
| Lots Sold |
0 |
3 |
-100.0% |
| Percent Sold |
0.0% |
100.0% |
0.0% |
| Total Raised |
£0 |
£2,266,000 |
-100.0% |
Scotland
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
183 |
165 |
10.9% |
| Lots Sold |
147 |
138 |
6.5% |
| Percent Sold |
80.3% |
83.6% |
-4.0% |
| Total Raised |
£25,021,910 |
£32,172,401 |
-22.2% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
90 |
72 |
25.0% |
| Lots Sold |
66 |
63 |
4.8% |
| Percent Sold |
73.3% |
87.5% |
-16.2% |
| Total Raised |
£4,859,650 |
£3,415,801 |
42.3% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
93 |
93 |
0.0% |
| Lots Sold |
81 |
75 |
8.0% |
| Percent Sold |
87.1% |
80.6% |
8.0% |
| Total Raised |
£20,162,260 |
£28,756,600 |
-29.9% |
South-East Home Counties
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
1141 |
1254 |
-9.0% |
| Lots Sold |
838 |
1037 |
-19.2% |
| Percent Sold |
73.4% |
82.7% |
-11.2% |
| Total Raised |
£188,810,099 |
£263,340,040 |
-28.3% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
903 |
936 |
-3.5% |
| Lots Sold |
650 |
787 |
-17.4% |
| Percent Sold |
72.0% |
84.1% |
-14.4% |
| Total Raised |
£108,626,600 |
£133,636,090 |
-18.7% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
238 |
318 |
-25.2% |
| Lots Sold |
188 |
250 |
-24.8% |
| Percent Sold |
79.0% |
78.6% |
0.5% |
| Total Raised |
£80,183,499 |
£129,703,950 |
-38.2% |
South-West
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
502 |
530 |
-5.3% |
| Lots Sold |
329 |
438 |
-24.9% |
| Percent Sold |
65.5% |
82.6% |
-20.7% |
| Total Raised |
£66,744,300 |
£125,715,750 |
-46.9% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
372 |
333 |
11.7% |
| Lots Sold |
219 |
261 |
-16.1% |
| Percent Sold |
58.9% |
78.4% |
-24.9% |
| Total Raised |
£33,620,300 |
£47,589,050 |
-29.4% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
130 |
197 |
-34.0% |
| Lots Sold |
110 |
177 |
-37.9% |
| Percent Sold |
84.6% |
89.8% |
-5.8% |
| Total Raised |
£33,124,000 |
£78,126,700 |
-57.6% |
Wales
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
524 |
445 |
17.8% |
| Lots Sold |
348 |
348 |
0.0% |
| Percent Sold |
66.4% |
78.2% |
-15.1% |
| Total Raised |
£37,571,100 |
£47,307,495 |
-20.6% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
420 |
366 |
14.8% |
| Lots Sold |
278 |
282 |
-1.4% |
| Percent Sold |
66.2% |
77.0% |
-14.1% |
| Total Raised |
£24,729,100 |
£28,624,995 |
-13.6% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
104 |
79 |
31.6% |
| Lots Sold |
70 |
66 |
6.1% |
| Percent Sold |
67.3% |
83.5% |
-19.4% |
| Total Raised |
£12,842,000 |
£18,682,500 |
-31.3% |
West Midlands
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
963 |
741 |
30.0% |
| Lots Sold |
642 |
598 |
7.4% |
| Percent Sold |
66.7% |
80.7% |
-17.4% |
| Total Raised |
£103,028,850 |
£113,604,400 |
-9.3% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
762 |
575 |
32.5% |
| Lots Sold |
494 |
474 |
4.2% |
| Percent Sold |
64.8% |
82.4% |
-21.4% |
| Total Raised |
£64,132,100 |
£59,674,900 |
7.5% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
201 |
166 |
21.1% |
| Lots Sold |
148 |
124 |
19.4% |
| Percent Sold |
73.6% |
74.7% |
-1.4% |
| Total Raised |
£38,896,750 |
£53,929,500 |
-27.9% |
Yorkshire and The Humber
| Total |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
726 |
695 |
4.5% |
| Lots Sold |
503 |
556 |
-9.5% |
| Percent Sold |
69.3% |
80.0% |
-13.4% |
| Total Raised |
£70,090,900 |
£120,081,150 |
-41.6% |
| Residential |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
554 |
552 |
0.4% |
| Lots Sold |
379 |
441 |
-14.1% |
| Percent Sold |
68.4% |
79.9% |
-14.4% |
| Total Raised |
£39,616,500 |
£56,216,200 |
-29.5% |
| Commercial |
|
December - February 2008 |
December - February 2007 |
Increase |
| Lots Offered |
172 |
143 |
20.3% |
| Lots Sold |
124 |
115 |
7.8% |
| Percent Sold |
72.1% |
80.4% |
-10.4% |
| Total Raised |
£30,474,400 |
£63,864,950 |
-52.3% |
Lots sold by type
This graph shows the percentage sold rates since Q1 2006 for 8 types of property that are regularly sold at auction. You will see that with the exception of Bank sale and leasebacks, the sale rate for every category declined in the 2nd half of last year but all have shown a recovery this year.
Your Comments
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