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EIG News March 2020

Essential Information Group

March 2020 Newsletter

EIG monthly Newsletter

 

Essential Auction News

Welcome to the March newsletter that looks back at auction activity in February and preceding periods. Reviewing the results for February, it is heartening to see that for the first time since February 2018 we have seen more green ‘up’ arrows than red ‘down’ arrows, and this is probably due to the direction of Brexit being determined, a majority Government with a sense of direction and political stability.

However, having just got the above behind us, we are now faced with a potentially much bigger challenge to the country and property auctions with the worldwide outbreak of the Covid-19 virus. The effect has been seismic, and within a matter of weeks we find ourselves working from home in isolation and with the prospect of no room auctions taking place for several months at least.

Here at EIG over the past week, we have been working with over 75 different auction houses to enable them to host their auctions online so that bidders, auctioneers and their staff can work in a safe environment. Feedback from auctioneers is that vendors and buyers have been very supportive of this change and hopefully this will be borne out in the future results, though many other factors are doubtless going to come into play with the fluid situation and restrictions changing daily, and like you I do hope normality returns as soon as possible.

Please note the newsletter can also be viewed online.

Overall Statistics February 2020

Auctions Held in the UK

107

Total Lots Offered

3,568

Total Lots Sold

2,806

Percent Sold

78.6%

Total Realised

£488,249,008

National Auction Analysis

As I alluded to above, February was a refreshing set of positive results for both the month of February and the preceding quarter. Overall lots offered, sold and % sold all up, and only tiny drops in amounts raised. The residential sector on its own faired even better with uplifts in the 4 metrics used for the past month and quarter, and the total raised up almost 10% for the month.

The commercial has been seeing smaller lot sizes coming through the room of late, and this was borne out with the reduction in amount raised. However, on a positive note the number of lots offered and sold rose almost 10% and the % sold rate remained steady.

Overall

N.B. Figures in brackets denote the comparative period last year

February 2020

December 2019 to February 2020

March 2019 to February 2020

Lots Offered

3,568 (3,394)

5.1%

7,384 (7,278)

1.5%

28,923 (31,508)

8.2%

Lots Sold

2,806 (2,569)

9.2%

5,709 (5,455)

4.7%

21,933 (23,364)

6.1%

Percent Sold

78.6% (75.7%)

3.8%

77.3% (75.0%)

3.1%

75.8% (74.2%)

2.2%

Total Raised

£488.2M (£492.0M)

0.8%

£948.6M (£985.9M)

3.8%

£3,626.2M (£4,094.1M)

11.4%


Residential

N.B. Figures in brackets denote the comparative period last year

February 2020

December 2019 to February 2020

March 2019 to February 2020

Lots Offered

2,999 (2,876)

4.3%

6,260 (6,170)

1.5%

24,548 (26,413)

7.1%

Lots Sold

2,375 (2,173)

9.3%

4,868 (4,594)

6.0%

18,641 (19,468)

4.2%

Percent Sold

79.2% (75.6%)

4.8%

77.8% (74.5%)

4.4%

75.9% (73.7%)

3.0%

Total Raised

£370.9M (£338.4M)

9.6%

£711.7M (£674.2M)

5.6%

£2,688.8M (£2,931.8M)

8.3%


Commercial

N.B. Figures in brackets denote the comparative period last year

February 2020

December 2019 to February 2020

March 2019 to February 2020

Lots Offered

569 (518)

9.8%

1,124 (1,108)

1.4%

4,375 (5,095)

14.1%

Lots Sold

431 (396)

8.8%

841 (861)

2.3%

3,292 (3,896)

15.5%

Percent Sold

75.7% (76.4%)

0.9%

74.8% (77.7%)

3.7%

75.2% (76.5%)

1.7%

Total Raised

£117.3M (£153.6M)

23.6%

£236.9M (£311.7M)

24.0%

£937.4M (£1,162.3M)

19.4%


Regional Auction Analysis

As is usually the case, variations across all the measurable parameters can be seen across the regions.

N.B. Figures in brackets denote the comparative period last year

East-AngliaEast Anglia

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

263 (297)

11.4%

216 (232)

6.9%

47 (65)

27.7%

Lots Sold

185 (212)

12.7%

150 (160)

6.3%

35 (52)

32.7%

Percent Sold

70.3% (71.4%)

1.5%

69.4% (69.0%)

0.6%

74.5% (80.0%)

6.9%

Total Raised

£29.7M (£35.5M)

16.3%

£22.5M (£23.4M)

3.6%

£7.2M (£12.1M)

40.9%


East-MidlandsEast Midlands

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

500 (424)

17.9%

418 (353)

18.4%

82 (71)

15.5%

Lots Sold

408 (332)

22.9%

340 (275)

23.6%

68 (57)

19.3%

Percent Sold

81.6% (78.3%)

4.2%

81.3% (77.9%)

4.4%

82.9% (80.3%)

3.2%

Total Raised

£57.9M (£46.7M)

24.2%

£40.4M (£30.4M)

32.8%

£17.6M (£16.3M)

8.1%


LondonLondon

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

531 (580)

8.4%

487 (508)

4.1%

44 (72)

38.9%

Lots Sold

447 (434)

3.0%

408 (373)

9.4%

39 (61)

36.1%

Percent Sold

84.2% (74.8%)

12.6%

83.8% (73.4%)

14.2%

88.6% (84.7%)

4.6%

Total Raised

£180.4M (£223.9M)

19.4%

£156.1M (£166.3M)

6.1%

£24.3M (£57.6M)

57.7%


North-EastNorth-East

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

874 (760)

15.0%

830 (698)

18.9%

44 (62)

29.0%

Lots Sold

626 (542)

15.5%

601 (508)

18.3%

25 (34)

26.5%

Percent Sold

71.6% (71.3%)

0.4%

72.4% (72.8%)

0.5%

56.8% (54.8%)

3.6%

Total Raised

£40.9M (£43.2M)

5.3%

£37.3M (£33.8M)

10.4%

£3.6M (£9.4M)

61.9%


North-WestNorth-West

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

1,189 (1,296)

8.3%

969 (1,095)

11.5%

220 (201)

9.5%

Lots Sold

893 (960)

7.0%

738 (816)

9.6%

155 (144)

7.6%

Percent Sold

75.1% (74.1%)

1.3%

76.2% (74.5%)

2.3%

70.5% (71.6%)

1.5%

Total Raised

£98.6M (£90.7M)

8.7%

£67.5M (£66.7M)

1.1%

£31.1M (£24.0M)

29.9%


North-West-Home-CountiesNorth-West Home Counties

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

389 (359)

8.4%

316 (317)

0.3%

73 (42)

73.8%

Lots Sold

315 (280)

12.5%

258 (247)

4.5%

57 (33)

72.7%

Percent Sold

81.0% (78.0%)

3.8%

81.6% (77.9%)

4.7%

78.1% (78.6%)

0.6%

Total Raised

£80.4M (£73.9M)

8.8%

£60.2M (£57.6M)

4.5%

£20.2M (£16.3M)

24.0%


Northern-IrelandNorthern Ireland

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

119 (160)

25.6%

98 (142)

31.0%

21 (18)

16.7%

Lots Sold

56 (75)

25.3%

49 (66)

25.8%

7 (9)

22.2%

Percent Sold

47.1% (46.9%)

0.4%

50.0% (46.5%)

7.5%

33.3% (50.0%)

33.4%

Total Raised

£4.6M (£6.3M)

27.3%

£4.2M (£5.7M)

27.6%

£0.4M (£0.5M)

23.8%


ScotlandScotland

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

191 (142)

34.5%

142 (116)

22.4%

49 (26)

88.5%

Lots Sold

140 (97)

44.3%

97 (74)

31.1%

43 (23)

87.0%

Percent Sold

73.3% (68.3%)

7.3%

68.3% (63.8%)

7.1%

87.8% (88.5%)

0.8%

Total Raised

£16.1M (£10.8M)

48.8%

£5.8M (£5.6M)

3.1%

£10.3M (£5.2M)

97.6%


South-East-Home-CountiesSouth-East Home Counties

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

928 (949)

2.2%

770 (776)

0.8%

158 (173)

8.7%

Lots Sold

751 (719)

4.5%

626 (579)

8.1%

125 (140)

10.7%

Percent Sold

80.9% (75.8%)

6.7%

81.3% (74.6%)

9.0%

79.1% (80.9%)

2.2%

Total Raised

£178.3M (£201.2M)

11.4%

£129.9M (£123.2M)

5.4%

£48.4M (£78.0M)

37.9%


South-WestSouth-West

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

453 (434)

4.4%

364 (342)

6.4%

89 (92)

3.3%

Lots Sold

389 (356)

9.3%

313 (275)

13.8%

76 (81)

6.2%

Percent Sold

85.9% (82.0%)

4.8%

86.0% (80.4%)

7.0%

85.4% (88.0%)

3.0%

Total Raised

£77.7M (£73.5M)

5.7%

£55.7M (£45.7M)

21.9%

£22.0M (£27.9M)

21.0%


WalesWales

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

446 (469)

4.9%

357 (394)

9.4%

89 (75)

18.7%

Lots Sold

327 (346)

5.5%

273 (292)

6.5%

54 (54)

0.0%

Percent Sold

73.3% (73.8%)

0.7%

76.5% (74.1%)

3.2%

60.7% (72.0%)

15.7%

Total Raised

£33.2M (£37.9M)

12.5%

£24.5M (£22.5M)

9.0%

£8.7M (£15.4M)

43.8%


West-MidlandsWest Midlands

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

850 (686)

23.9%

757 (584)

29.6%

93 (102)

8.8%

Lots Sold

669 (513)

30.4%

599 (435)

37.7%

70 (78)

10.3%

Percent Sold

78.7% (74.8%)

5.2%

79.1% (74.5%)

6.2%

75.3% (76.5%)

1.6%

Total Raised

£93.2M (£70.5M)

32.2%

£71.4M (£47.7M)

49.6%

£21.8M (£22.8M)

4.2%


Yorkshire-and-The-HumberYorkshire and The Humber

December 2019 to February 2020

Total

Residential

Commercial

Lots Offered

651 (722)

9.8%

536 (613)

12.6%

115 (109)

5.5%

Lots Sold

503 (589)

14.6%

416 (494)

15.8%

87 (95)

8.4%

Percent Sold

77.3% (81.6%)

5.3%

77.6% (80.6%)

3.7%

75.7% (87.2%)

13.2%

Total Raised

£57.6M (£71.9M)

19.9%

£36.3M (£45.6M)

20.3%

£21.3M (£26.3M)

19.1%


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.

A word from the editor

David Sandeman


As ever I welcome any feedback you may have regarding the newsletters or indeed the wider market in general.

Kind regards

David Sandeman
davids@eigroup.co.uk

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