Essential Information Group has reported notable improvements across the UK property auction market. When comparing quarter 2 this year with the same period in 2010, there have been significant increases in the amount raised across both the residential and commercial sectors. Residential sales are up by 10% to £492million, and commercial by 22% to £236million. When compared year-on-year, residential sales have increased by 12%; indicating promising signs for the auction market.
The North-West property auction market is also showing positive signs, with increases in the number of lots offered and lots sold. When comparing the 3month period between July to September in 2011 with the same period in 2010, the total number of lots offered is up by 11.1% from 1402 to 1558. The total number of lots sold has increased by 16% from 890 to 1032, and the overall total revenue raised has risen by 8.1% to £93,590,475.
Cathy Holt, auction manager at leading Merseyside property auction house Sutton Kersh comments, “This is great news. We have noticed a difference in atmosphere in our auction rooms this year; competition has returned between investors, and if sustained, will help with the recovery of values. When compared to last year, we have experienced 22.1% growth in the number of lots offered and 25.84% growth in the number of lots we have sold. Our total revenue is also up, by 5%. The market is showing signs of slow and steady recovery, however we must be tentative with our predictions whilst we wait with bated breath to feel the impacts of the collapsing Eurozone has.”
Our final auction of the year will take place on 8th December. Catalogue closes 10th November. For free, professional advice regarding your property's suitability for auction, please contact us on 0151 207 6315 / email@example.com