The average sale price at auction dropped 10.8% last year as the market continued to experience the fall and subsequent levelling out of average sale price that began in late 2022.
Latest data from Essential Information Group, published in its March Property Auction Insights, shows that the number of properties sold at auction climbed 13% last year to 25,375 (2022: 22,405). But the total raised barely moved, climbing just 1.1% to £4,829m (2022: £4779m) across residential and commercial.
Looking at yields, the average yield increases in commercial and mixed-use stock towards the end of 2023 were particularly noticeable. For commercial, yields moved out to 12.6% in Q4, having stood at 8.29% in Q1; and for mixed-use yields moved out to 9%, having stood at 6.79% in Q1. For residential, the average yield peaked in Q3, at 8.67%, before moving in to 8%. The sector started the year with an average yield of 6.99%.
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