The total amount raised at auction in February was up by 10% on February 2021 to just over £460m, with the commercial sector showing the sharpest uptick in activity.
The latest figures from Essential Information Group show that the total raised at auction last month was only 6% below February 2020, the last full month before lockdown.
The volume of lots offered was down by 3.2% on February last year, but the percentage sold rose to 82.8% (2021: 79.9%).
Rolling figures for the quarter and the latest 12 months show growth of 8.6% and 30.8% respectively.
“The uplift in the preceding quarterly and yearly figures show how the industry continues to recover from a difficult 2021, and with all restrictions now lifted the industry should be able to maintain this trajectory,” said EIG managing director David Sandeman.
Residential put in a solid performance, with the amount raised up by 4% to £361m. This included just shy of £60m raised by McHugh, £45m raised by Allsop, £35m raised by Savills, £30m raised by Barnard Marcus and £25m raised by Auction House London.
However, the total raised by the commercial sector was up by 38% to £100m as investors seize on opportunities such as high street asset management and change-of-use opportunities and reliable returns from convenience store lots.
More than half of this total came from Allsop (£34m) and Acuitus (£22m).
Sandeman said the stronger growth for commercial had been the case for some time now. The rolling 12-month figure shows growth of 44% for commercial compared to 26.7% for residential.
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
