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TODAY'S OTHER NEWS

Auction numbers plunge as market slows dramatically

The Essential Information Group reports that the number of auctions held in the UK in July was just 107.

This was 21 fewer than in July last year and 72 fewer than the record 189 held in 2008 and again in 2011. 

“With fewer auctions held it is perhaps no surprise to see lots offered and sold down on last year, both by seven per cent to 3,306 and 2,396 lots respectively” says the EIG report.

The total amount raised across residential and commercial auctions fell six per cent to £445.5m. Percentage sales rate remained in the low to mid 70s.

In the residential auction market, lots offered fell four per cent to 2,699 and lots sold fell by 5.7 per cent to 1,934 lots. 

Total residential receipts decreased 5.9 per cent by £18m to £290.3m.

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