Where did you hear about us?
The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

Auction Review: London & South East

Over the last few years, on the face of it at least, property auctions have been enjoying something of a golden period. More and more sellers have appreciated the certainty auction disposal can offer, while more and more buyers have seen them as a place to find value. But as we move into 2015 when, perhaps, the property market will experience more ups or downs, what is the actual situation out on the ground? In this report we will take in some thoughts from auctioneers on conditions in the auctions market in London and the south east right now, including on what's being bought and sold, where, why and by whom - and also seek their opinions on how the market might progress in 2015.

First a few facts and figures: Auction information service Essential Information Group's (EIG) latest report says that the auction market nationally experienced a slight dip in November 2014, with ots offered and lots sold down 2% and 4% respectively. It adds, however, that residential activity was broadly comparable to November 2013. (Commercial activity fell, although most likely due to the low number of auctions scheduled at this time of the year). The report underlines how rising house prices over the past 12-18 months have been driving auction revenues up sharply with gains of 6%, 12% and 15% in the monthly, quarterly and yearly 'total raised' comparisons.

Looking more closely at the London/south east residential auction market over the last quarter, EIG report that in London 762 lots were offered in Sep-Nov 2014, a notable increase of 20.4% on the same period in 2013. Of these 593 lots sold, a 6.7% increase. The percentage sold was 77.8%, an 11.4% fall. The total raised grew a substantial 31.5% to £238.6m.

In the south east home counties, 839 residential properties were offered at auction in the Sep-Nov 2014 period, a 13.2% increase over the same period in 2013. Of these 666 lots sold, a 9.5% increase. The percentage sold was 79.4%, a slight 3.3% fall. Again total revenue rose sharply to £129.1m, a 26.8% rise.

Want the full article?