Auctioneers are celebrating the best December figures for lots offered and sold.
Results for December also showed that the total amount raised by residential and commercial sales, £537m, was the highest monthly figure in 10 years with a 5% increase on the previous year.
Total lots offered jumped by 12% to 3,745 and the number sold rose by 9% to 2,830, beating previous best figures in 2007 and 2013 respectively. There were 110 sales in December compared with 114 at the same time in 2015, and 134 in 2014, which was a record high.
Commercial sales saw the biggest increase in lots offered at 15%, but residential was not far behind on 12%. For lots sold, commercial auction houses achieved a rise of almost 12% and residential nearly 9%. Sales in commercial auctions totalled more than £1bn last year for the first time.
David Sandeman, director of Essential Information Group, which provided the figures, said: “Commercial has done particularly well, but both sectors have seen a big increase.
“There could be a number of reasons for the increases, including people wanting to exchange contracts before the end of the year, or the market correcting itself with more sensible reserves.”
Allsop commercial auctioneer Duncan Moir said December was very strong.
As interest rates for savers were cut in the third and fourth quarters of last year, December was an early opportunity to invest in property, said Moir, adding that property was seen as an investment that can shield against rising inflation.
A number of investors also had financing arrangements that were coming to an end in 2017 and wanted to sell rather than renew, he said.
Clive Emson director Sam Kinloch added: “We found that towards the end of the year the lot numbers fell slightly, but the total value of lots sold was much higher.
“A lot of it is to do with the hurdles put in our way and people can’t hold on forever before selling,” he said.
Fellow Clive Emson director John Stockey said: “It was a very good end to the year – the market is very keen. There has been a very good quality of property coming to market, and this has brought out the quality in bidders.”
December numbers: a breakdown
- Overall lots offered rose by 409 and lots sold by 239 in December from the totals for December 2015.
- December’s success rate was 75.6%, down from 77.7% in 2015 but up slightly from 75% in 2014.
- Residential’s success rate was 74.7%; commercial posted 79.3%.
- Residential sales raised £320m and commercial sales raised £217m in December.
