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EIG Launches Quarterly Property Auction Data Report

Essential Information Group (EIG) has launched a new quarterly property auction data (PAD) report.

The report provides the latest auctions stats by region, and each quarter it includes an in-depth analysis of the auction market. In the March 2023 edition, the focus is on property yields, with over 20,000 sold properties from the past five years being examined. Below is a summary of the reports findings.

2022 in review
Last year was a booming year across the entire property industry, which was echoed across the auction industry, with the number of lots sold and total raised growing on the 2021 figures for the first three quarters of the year.

However, with political and economic turmoil came rises in the Bank of England base rate, which in turn had a knock-on effect on mortgage interest rates and other funding channels. Combined with the added energy increases and the cost-of-living crisis, the number of ready and able buyers slowly started to decrease.

Buyers began to lower their offers, or ‘gazundering’ their existing ones, while also trying to complete on sales before any finance offers at previous rates expired. Luckily, the auctions market was quick to respond, with sales staying strong until the end of the year, and the total raised managing to exceed 2021 figures
until December.

EIG says that 28,514 lots were sold last year, raising £5,807m. The firm adds: ‘We are already beginning to see interesting figures for 2023, with a rapid increase in the number of properties going through auction, in particular residential lots.’ 

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