Brexit uncertainty continued to spook the auctions market in May, with the total amount raised down by nearly a quarter compared with the previous year.
UK property auctions raised a total of £383.4m in May 2019, down by 24.3% from the previous year, according Essential Information Group figures.
Of the 104 property auctions held across the UK during May 2019, the number of lots offered stood at 2,932, down by 14.8% on May 2018, while the number of lots sold – 2,181 – was 14.9% lower than a year ago.
However, EIG said the proportion of property selling at auction remained roughly the same, with success rates slipping by just 0.1% to 74.4%.
“While 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-70s,” said David Sandeman, founder and managing director of EIG.
“Sensibly priced stock will sell in the current market conditions and auctioneers are being selective in what they take to ensure this.”
All types of property were affected by the slump, with the total raised from residential auction sales in May down by 23.1% compared with last year at £274.2m, while the amount raised by commercial auction sales fell by 27.1% compared with a year ago to £109.2m.
However, the picture across the regions was more mixed, with auction sales in the North East, Wales and North West Home Counties showing slight upticks in the number of lots coming to auction and the total raised.
This was in stark contrast to all the other UK regions which showed sharp decreases in almost every category compared with the previous year. In London, property auctions in May raised £184.9m – down 24.4% compared with May 2018.
