August sales saw a 20% year-on-year increase in the number of lots offered, following two months of decline in the volume of lots offered and sold at auction.
Essential Information Group said 1,258 lots were offered by 42 auctioneers during this traditionally quiet month, up from 1,021 at 44 sales in August 2015. It is too early to say how many lots sold last month.
July, traditionally one of the busiest months of the year, saw a slight decline in the number of lots offered and sold, compared with 2015.
There were 3,775 lots offered, down by 5.8% on July 2015, and 2,749 sold, a drop of 10.7%, according to EIG.
The £490m raised in July was down by 17.3% on the previous year, while the overall success rate was down from 76.9% to 72.8%. This was the second consecutive month of declining sales.
Commenting on the July figures, EIG managing director David Sandeman said: “These numbers exemplify the state of the market post-Brexit, and while the Bank of England attempts to stimulate the economy with a 0.25% interest rate cut, it may be a little time before this has an effect on the property market.”
Bright spots over the summer included Auction House Birmingham and Black Country’s 4 August sale at Walsall Football Club, which resulted in all 24 lots being sold, raising £2.8m – an improvement on last August’s £2.3m.
SDL Graham Penny Leicester sold 73% of the 22 lots offered at its 11 August sale at Leicester City Football Club, raising £1.7m – its highest amount in 2016.
Marketing manager Chrissie Walker said the Leicester auction room was the busiest it had been all year.
She said: “Generally auctioneers don’t hold auctions in August, but we have found that to be an advantage.
“Once vendors have entered their property into the auction, approximately six weeks prior, we can handle all the marketing and viewings so our customers can enjoy the summer.” Online, proxy and phone bidding meant investors did not need to be physically present.
Harman Healy – the only London-based auction company to hold a sale in August – raised £1.2m from 22 lots, with a 64% success rate, at its 10 August sale at Kensington Town Hall, W8. Last August it raised £4.5m from a 43-lot catalogue.
Gimme shelter – bunker leads summer’s more unusual sales
An assortment of unusual properties went under the hammer over the summer.
A former RAF nuclear bunker and separate underground bunker, on half an acre of land at Hatfield Woodhouse, near Doncaster, was guided at between £25,000 and £35,000, and was sold by Regional Property Auctioneers.
Auction manager and valuer James Vandenbrook said it was sold prior to the 27 July sale for £34,000, to a London buyer who had not viewed it.
