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EIG Monthly Newsletter October 2017

Essential Auction News

Welcome to the October newsletter that looks back at auction activity in September and preceding periods. I am pleased to report on a strong set of auction results, with 3,793 lots offered across 162 auctions (up 4% on September 16). The gavel fell on 2,857 lots, up almost 9% on last year, whilst total revenues exceeded £451M - up over 15% and the largest amount recorded in September since 2007.

Recent strong results have also helped push Q3 into largely positive territory, as despite a negligible fall in instructions (-1.6%) the volume of sales increased by 3% to 6,323 lots and amount raised by 11% to £1.06bn. It is certainly an encouraging start to the busy Autumn schedule, and one hopes that the market continues to gather pace.

As ever I would welcome any comments or feedback you have regarding the newsletter or the wider market.

Overall Statistics September 2017

Auctions Held in the UK

162

Total Lots Offered

3,793

Total Lots Sold

2,857

Percent Sold

75.3%

Total Realised

£451,008,361

National Auction Analysis

The residential auction sector witnessed a bumper month, with lots offered up 6.7% to 3,371 lots and lots sold up 11% to 2,546 lots - the largest volume of September sales recorded since 2012. This helped push residential revenues up and over £403M; a £61M gain on last year and figures which are indicative of a competitive market with bidders seemingly not unnerved by talk of impending interest rate rises.

In the commercial sector, lots offered and sold were down 13% and 7.7% respectively on last year whilst the amount raised barely changed, however one shouldn't read too much into these figures as none of the major commercial London auction houses held an auction in September. We are simply seeing fluctuations in the volume of commercial lots offered by residential auctioneers across the regions - we'll get a much better gauge of progress next month.

Overall

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


September 2017

July 2017 to September 2017

October 2016 to September 2017

Lots Offered

3,793 (3,647)

4.0%

8,332 (8,471)

1.6%

32,694 (33,737)

3.1%

Lots Sold

2,857 (2,626)

8.8%

6,323 (6,145)

2.9%

25,098 (25,636)

2.1%

Percent Sold

75.3% (72.0%)

4.6%

75.9% (72.5%)

4.7%

76.8% (76.0%)

1.1%

Total Raised

£451M (£390M)

15.5%

£1,060M (£956M)

10.9%

£4,529M (£4,656M)

2.7%


Residential

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


September 2017

July 2017 to September 2017

October 2016 to September 2017

Lots Offered

3,371 (3,160)

6.7%

7,131 (7,090)

0.6%

27,185 (27,888)

2.5%

Lots Sold

2,546 (2,289)

11.2%

5,407 (5,127)

5.5%

20,734 (21,069)

1.6%

Percent Sold

75.5% (72.4%)

4.3%

75.8% (72.3%)

4.8%

76.3% (75.5%)

1.1%

Total Raised

£403M (£342M)

17.9%

£817M (£736M)

10.9%

£3,165M (£3,271M)

3.2%


Commercial

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


September 2017

July 2017 to September 2017

October 2016 to September 2017

Lots Offered

422 (487)

13.3%

1,201 (1,381)

13.0%

5,509 (5,849)

5.8%

Lots Sold

311 (337)

7.7%

916 (1,018)

10.0%

4,364 (4,567)

4.4%

Percent Sold

73.7% (69.2%)

6.5%

76.3% (73.7%)

3.5%

79.2% (78.1%)

1.4%

Total Raised

£48M (£48M)

1.1%

£244M (£220M)

10.8%

£1,364M (£1,385M)

1.5%


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

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

241 (211)

14.2%

188 (160)

17.5%

53 (51)

3.9%

Lots Sold

185 (167)

10.8%

141 (125)

12.8%

44 (42)

4.8%

Percent Sold

76.8% (79.1%)

2.9%

75.0% (78.1%)

4.0%

83.0% (82.4%)

0.7%

Total Raised

£37M (£24M)

55.1%

£27M (£17M)

59.8%

£11M (£7M)

44.5%


East-MidlandsEast Midlands

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

713 (725)

1.7%

606 (616)

1.6%

107 (109)

1.8%

Lots Sold

562 (559)

0.5%

479 (471)

1.7%

83 (88)

5.7%

Percent Sold

78.8% (77.1%)

2.2%

79.0% (76.5%)

3.3%

77.6% (80.7%)

3.8%

Total Raised

£75M (£64M)

17.2%

£54M (£48M)

14.1%

£21M (£16M)

26.5%


LondonLondon

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

636 (621)

2.4%

583 (582)

0.2%

53 (39)

35.9%

Lots Sold

448 (437)

2.5%

403 (408)

1.2%

45 (29)

55.2%

Percent Sold

70.4% (70.4%)

0.0%

69.1% (70.1%)

1.4%

84.9% (74.4%)

14.1%

Total Raised

£202M (£185M)

9.0%

£165M (£169M)

2.5%

£37M (£16M)

126.9%


North-EastNorth-East

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

791 (771)

2.6%

738 (712)

3.7%

53 (59)

10.2%

Lots Sold

620 (534)

16.1%

581 (490)

18.6%

39 (44)

11.4%

Percent Sold

78.4% (69.3%)

13.1%

78.7% (68.8%)

14.4%

73.6% (74.6%)

1.3%

Total Raised

£45M (£41M)

9.4%

£39M (£35M)

13.2%

£6M (£7M)

9.9%


North-WestNorth-West

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

1,433 (1,464)

2.1%

1,240 (1,211)

2.4%

193 (253)

23.7%

Lots Sold

1,068 (1,051)

1.6%

929 (858)

8.3%

139 (193)

28.0%

Percent Sold

74.5% (71.8%)

3.8%

74.9% (70.9%)

5.6%

72.0% (76.3%)

5.6%

Total Raised

£104M (£108M)

3.5%

£81M (£70M)

14.7%

£23M (£38M)

37.5%


North-West-Home-CountiesNorth-West Home Counties

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

342 (374)

8.6%

265 (323)

18.0%

77 (51)

51.0%

Lots Sold

269 (300)

10.3%

209 (268)

22.0%

60 (32)

87.5%

Percent Sold

78.7% (80.2%)

1.9%

78.9% (83.0%)

4.9%

77.9% (62.7%)

24.2%

Total Raised

£120M (£75M)

59.0%

£80M (£63M)

28.2%

£40M (£13M)

207.7%


Northern-IrelandNorthern Ireland

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

136 (148)

8.1%

128 (127)

0.8%

8 (21)

61.9%

Lots Sold

63 (76)

17.1%

60 (65)

7.7%

3 (11)

72.7%

Percent Sold

46.3% (51.4%)

9.9%

46.9% (51.2%)

8.4%

37.5% (52.4%)

28.4%

Total Raised

£6M (£6M)

9.8%

£6M (£4M)

33.7%

£0M (£1M)

76.9%


ScotlandScotland

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

154 (259)

40.5%

113 (221)

48.9%

41 (38)

7.9%

Lots Sold

99 (129)

23.3%

71 (106)

33.0%

28 (23)

21.7%

Percent Sold

64.3% (49.8%)

29.1%

62.8% (48.0%)

30.8%

68.3% (60.5%)

12.9%

Total Raised

£9M (£9M)

5.8%

£3M (£6M)

45.7%

£6M (£2M)

143.6%


South-East-Home-CountiesSouth-East Home Counties

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

951 (885)

7.5%

803 (735)

9.3%

148 (150)

1.3%

Lots Sold

710 (672)

5.7%

592 (567)

4.4%

118 (105)

12.4%

Percent Sold

74.7% (75.9%)

1.6%

73.7% (77.1%)

4.4%

79.7% (70.0%)

13.9%

Total Raised

£164M (£165M)

0.6%

£127M (£125M)

1.8%

£37M (£41M)

8.3%


South-WestSouth-West

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

508 (666)

23.7%

365 (468)

22.0%

143 (198)

27.8%

Lots Sold

389 (474)

17.9%

280 (328)

14.6%

109 (146)

25.3%

Percent Sold

76.6% (71.2%)

7.6%

76.7% (70.1%)

9.4%

76.2% (73.7%)

3.4%

Total Raised

£82M (£79M)

3.9%

£61M (£60M)

3.0%

£21M (£20M)

6.7%


WalesWales

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

518 (608)

14.8%

414 (487)

15.0%

104 (121)

14.0%

Lots Sold

380 (447)

15.0%

309 (355)

13.0%

71 (92)

22.8%

Percent Sold

73.4% (73.5%)

0.1%

74.6% (72.9%)

2.3%

68.3% (76.0%)

10.1%

Total Raised

£36M (£41M)

11.1%

£27M (£28M)

4.0%

£10M (£13M)

25.9%


West-MidlandsWest Midlands

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

1,011 (954)

6.0%

897 (789)

13.7%

114 (165)

30.9%

Lots Sold

823 (720)

14.3%

729 (605)

20.5%

94 (115)

18.3%

Percent Sold

81.4% (75.5%)

7.8%

81.3% (76.7%)

6.0%

82.5% (69.7%)

18.4%

Total Raised

£106M (£95M)

12.6%

£89M (£72M)

24.5%

£17M (£23M)

25.1%


Yorkshire-and-The-HumberYorkshire and The Humber

July 2017 to September 2017

Total

Residential

Commercial

Lots Offered

898 (785)

14.4%

791 (659)

20.0%

107 (126)

15.1%

Lots Sold

707 (579)

22.1%

624 (481)

29.7%

83 (98)

15.3%

Percent Sold

78.7% (73.8%)

6.6%

78.9% (73.0%)

8.1%

77.6% (77.8%)

0.3%

Total Raised

£72M (£64M)

13.1%

£57M (£41M)

39.8%

£15M (£23M)

35.1%