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EIG News June 2019

Essential Auction News

Welcome to the June newsletter that looks back at auction activity in May and preceding periods. Following a positive set of results in April, the market came back down to Earth last month with overall lots offered and lots sold both down 15% to 2,932 and 2,181 lots respectively. The total raised dropped by 24% to £383.4M, and double-digit falls are also prevalent through the rolling quarterly and yearly figures.

Whilst we have been seeing decreasing volumes and smaller lot sizes for some time now, it is important to point out that the sale rate has consistently reached the mid-seventies throughout this period. The relative stability in the overall sale rate demonstrates that sensibly price stock will sell in the current market conditions and that auctioneers are being selective in what they take to ensure this.

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

Please note the newsletter can also be viewed online.

Overall Statistics May 2019

Auctions Held in the UK

104

Total Lots Offered

2,932

Total Lots Sold

2,181

Percent Sold

74.4%

Total Realised

£383,405,668

National Auction Analysis

The residential sector saw 342 fewer lots offered last month compared with May 2018 - down 12% to 2,464 lots, whilst the total value of residential sales dropped by 23% to £274.2M - down £82M on last year. As mentioned above, the residential sale rate remains strong and stable and indeed we see a 2% increase on last year, to 75.2%.

Commercial lots offered fell by 26% to 468 lots, with lots sold down 34% to 327 lots. Commercial receipts totalled £109.2M, down 27% from £149.9M raised in May 2018.

Overall

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

May 2019

March 2019 to May 2019

June 2018 to May 2019

Lots Offered

2,932 (3,440)

14.8%

7,483 (8,482)

11.8%

30,474 (33,482)

9.0%

Lots Sold

2,181 (2,563)

14.9%

5,551 (6,260)

11.3%

22,554 (25,311)

10.9%

Percent Sold

74.4% (74.5%)

0.1%

74.2% (73.8%)

0.5%

74.0% (75.6%)

2.1%

Total Raised

£383.4M (£506.6M)

24.3%

£927.3M (£1,123.1M)

17.4%

£3,818.6M (£4,483.3M)

14.8%


Residential

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

May 2019

March 2019 to May 2019

June 2018 to May 2019

Lots Offered

2,464 (2,806)

12.2%

6,436 (7,018)

8.3%

25,814 (28,067)

8.0%

Lots Sold

1,854 (2,070)

10.4%

4,802 (5,144)

6.6%

19,078 (21,104)

9.6%

Percent Sold

75.2% (73.8%)

1.9%

74.6% (73.3%)

1.8%

73.9% (75.2%)

1.7%

Total Raised

£274.2M (£356.7M)

23.1%

£685.5M (£829.0M)

17.3%

£2,766.3M (£3,203.0M)

13.6%


Commercial

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

May 2019

March 2019 to May 2019

June 2018 to May 2019

Lots Offered

468 (634)

26.2%

1,047 (1,464)

28.5%

4,660 (5,415)

13.9%

Lots Sold

327 (493)

33.7%

749 (1,116)

32.9%

3,476 (4,207)

17.4%

Percent Sold

69.9% (77.8%)

10.2%

71.5% (76.2%)

6.2%

74.6% (77.7%)

4.0%

Total Raised

£109.2M (£149.9M)

27.1%

£241.8M (£294.1M)

17.8%

£1,052.3M (£1,280.4M)

17.8%


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

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

219 (246)

11.0%

173 (200)

13.5%

46 (46)

0.0%

Lots Sold

156 (189)

17.5%

120 (148)

18.9%

36 (41)

12.2%

Percent Sold

71.2% (76.8%)

7.3%

69.4% (74.0%)

6.2%

78.3% (89.1%)

12.1%

Total Raised

£29.6M (£34.8M)

15.0%

£18.6M (£24.0M)

22.5%

£11.0M (£10.8M)

1.8%


East-MidlandsEast Midlands

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

512 (600)

14.7%

421 (512)

17.8%

91 (88)

3.4%

Lots Sold

383 (454)

15.6%

324 (388)

16.5%

59 (66)

10.6%

Percent Sold

74.8% (75.7%)

1.2%

77.0% (75.8%)

1.6%

64.8% (75.0%)

13.6%

Total Raised

£59.5M (£68.1M)

12.7%

£40.6M (£50.2M)

19.0%

£18.8M (£18.0M)

4.8%


LondonLondon

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

563 (625)

9.9%

509 (572)

11.0%

54 (53)

1.9%

Lots Sold

391 (444)

11.9%

357 (404)

11.6%

34 (40)

15.0%

Percent Sold

69.4% (71.0%)

2.3%

70.1% (70.6%)

0.7%

63.0% (75.5%)

16.6%

Total Raised

£184.9M (£244.7M)

24.4%

£149.9M (£208.6M)

28.1%

£35.0M (£36.1M)

3.0%


North-EastNorth-East

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

752 (740)

1.6%

712 (687)

3.6%

40 (53)

24.5%

Lots Sold

575 (540)

6.5%

550 (505)

8.9%

25 (35)

28.6%

Percent Sold

76.5% (73.0%)

4.8%

77.2% (73.5%)

5.0%

62.5% (66.0%)

5.3%

Total Raised

£45.2M (£42.1M)

7.5%

£37.3M (£35.8M)

4.3%

£7.9M (£6.3M)

25.6%


North-WestNorth-West

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

1,148 (1,393)

17.6%

997 (1,151)

13.4%

151 (242)

37.6%

Lots Sold

834 (1,012)

17.6%

741 (820)

9.6%

93 (192)

51.6%

Percent Sold

72.6% (72.6%)

0.0%

74.3% (71.2%)

4.4%

61.6% (79.3%)

22.3%

Total Raised

£83.0M (£109.5M)

24.2%

£59.5M (£76.3M)

22.1%

£23.5M (£33.2M)

29.1%


North-West-Home-CountiesNorth-West Home Counties

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

413 (399)

3.5%

371 (326)

13.8%

42 (73)

42.5%

Lots Sold

331 (297)

11.4%

294 (241)

22.0%

37 (56)

33.9%

Percent Sold

80.1% (74.4%)

7.7%

79.2% (73.9%)

7.2%

88.1% (76.7%)

14.9%

Total Raised

£83.7M (£83.2M)

0.7%

£63.5M (£60.8M)

4.4%

£20.2M (£22.4M)

9.5%


Northern-IrelandNorthern Ireland

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

99 (264)

62.5%

82 (230)

64.3%

17 (34)

50.0%

Lots Sold

48 (128)

62.5%

45 (109)

58.7%

3 (19)

84.2%

Percent Sold

48.5% (48.5%)

0.0%

54.9% (47.4%)

15.8%

17.6% (55.9%)

68.5%

Total Raised

£4.3M (£13.1M)

67.0%

£4.1M (£10.8M)

61.8%

£0.2M (£2.3M)

91.0%


ScotlandScotland

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

192 (257)

25.3%

152 (164)

7.3%

40 (93)

57.0%

Lots Sold

123 (173)

28.9%

93 (105)

11.4%

30 (68)

55.9%

Percent Sold

64.1% (67.3%)

4.8%

61.2% (64.0%)

4.4%

75.0% (73.1%)

2.6%

Total Raised

£12.3M (£20.1M)

39.0%

£4.8M (£8.2M)

41.7%

£7.5M (£11.9M)

37.1%


South-East-Home-CountiesSouth-East Home Counties

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

1,067 (1,089)

2.0%

928 (897)

3.5%

139 (192)

27.6%

Lots Sold

788 (807)

2.4%

688 (666)

3.3%

100 (141)

29.1%

Percent Sold

73.9% (74.1%)

0.3%

74.1% (74.2%)

0.1%

71.9% (73.4%)

2.0%

Total Raised

£166.8M (£196.6M)

15.2%

£124.4M (£137.8M)

9.7%

£42.3M (£58.8M)

28.0%


South-WestSouth-West

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

491 (598)

17.9%

371 (398)

6.8%

120 (200)

40.0%

Lots Sold

373 (474)

21.3%

272 (306)

11.1%

101 (168)

39.9%

Percent Sold

76.0% (79.3%)

4.2%

73.3% (76.9%)

4.7%

84.2% (84.0%)

0.2%

Total Raised

£61.8M (£83.0M)

25.6%

£43.0M (£57.1M)

24.7%

£18.8M (£25.9M)

27.7%


WalesWales

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

484 (475)

1.9%

386 (365)

5.8%

98 (110)

10.9%

Lots Sold

340 (354)

4.0%

275 (272)

1.1%

65 (82)

20.7%

Percent Sold

70.2% (74.5%)

5.8%

71.2% (74.5%)

4.4%

66.3% (74.5%)

11.0%

Total Raised

£38.8M (£34.1M)

13.8%

£25.0M (£23.9M)

4.8%

£13.7M (£10.2M)

35.1%


West-MidlandsWest Midlands

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

948 (1,100)

13.8%

836 (935)

10.6%

112 (165)

32.1%

Lots Sold

726 (852)

14.8%

639 (728)

12.2%

87 (124)

29.8%

Percent Sold

76.6% (77.5%)

1.2%

76.4% (77.9%)

1.9%

77.7% (75.2%)

3.3%

Total Raised

£101.5M (£129.2M)

21.4%

£77.1M (£92.6M)

16.7%

£24.4M (£36.6M)

33.4%


Yorkshire-and-The-HumberYorkshire and The Humber

March 2019 to May 2019

Total

Residential

Commercial

Lots Offered

595 (696)

14.5%

498 (581)

14.3%

97 (115)

15.7%

Lots Sold

483 (536)

9.9%

404 (452)

10.6%

79 (84)

6.0%

Percent Sold

81.2% (77.0%)

5.5%

81.1% (77.8%)

4.2%

81.4% (73.0%)

11.5%

Total Raised

£56.0M (£64.6M)

13.4%

£37.6M (£43.0M)

12.6%

£18.4M (£21.6M)

14.8%