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January 31

2019
by Leah Poser
Lots of interest but fewer buyers at property auctions

Properties at bargain basement prices at auctions are drying up for buy to let investors.

Auction houses across the UK have been hammered by the fall, which saw homes for sale drop by 4.4 per cent from 27,494 in 2017 to 26,279 last year.

The number of lots sold and money raised from auction sales also fell.

Sales were down 6.8 per cent in 2018 from 21,024 the year before and 6.3 per cent less cash was raised – £2.89 billion compared with £3.19 billion in 2017, says data from auctions monitor Essential Information Group.

“The ongoing Brexit turmoil leaves an outlook that remains uncertain, at least in the short term,” said EIG spokesman David Sanderman.

“The entire property market, private treaty included, is seemingly on tenterhooks whilst Parliament continues to try and negotiate a way out of the mire.”

Regionally, the Northern Ireland auction market fared the worse with the number of homes for sale down 45 per cent to 141 and the money raised plunging by 60 per cent to £5 million.

Scotland returned the best performance, with a slight drop in the number of lots offered for sale (-1.4 per cent) but a rise in lots sold (+8.6 per cent) and money raised (+36.8 per cent)

 

UK property auction data 2018

 

UK England
2017 2018 Change 2017 2018 Change
Lots offered 27494 26279 -4.4% 26577 25447 -4.3%
Lots sold 21024 19595 -6.8% 20423 19045 -6.8%
% sold 76.5% 74.6% -2.5% 76.8% 74.8% 2.0%
Total raised £3.19b £2.89b -6.3% £774.8m £702.10 -9.4%
Wales Scotland
2017 2018 Change 2017 2018 Change
Lots offered 445 480 7.9% 214 211 -1.4%
Lots sold 330 361 9.4% 123 133 8.1%
% sold 74.2% 75.2% 1.3% 57.5% 63.0% 9.6%
Total raised £27.2m £31.1m 14.4% £6.4m £8.8m 36.8%
NI
2017 2018 Change
Lots offered 258 141 -45.3%
Lots sold 148 56 -62.2%
% sold 57.4% 39.7% 30.8%

Source: Essential Information Group

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