You are here: Home - Mortgages - Buy To Let - News -

Auctions make come-back in ‘bumper December’

0
Written by: Heather Greig-Smith
19/01/2017
The auction industry finished 2016 with a bumper December, according to the latest figures from Essential Information Group (EIG).

The overall number of residential lots offered for sale in December increased by almost 12%, equating to 317 more lots than December 2015. The large gain in residential instructions in the month pushed the figures for the quarter 1.4% ahead of the previous year and the annual growth to 4.2% (1,136 more lots than last year).

The upswing followed a troublesome few months, which saw auction activity decline steadily following the changes to Stamp Duty in April. In November, 1.1% fewer residential properties were put up at auction than in the same month last year, while the number of lots sold was down 4.7%. In the whole of Q3, residential properties put up for sale were down 3.1%, while sales were down 6.8%.

EIG managing director David Sandeman said: “This is the largest ever number of lots offered and sold during December, beating the previous highs recorded.

“Having reported on a few challenging months towards the latter part of last year, it is pleasing to see that the industry enjoyed an extremely positive end to proceedings.”

Auction sales were still down 1.5% in Q4 compared with last year, however over the whole of the year the number was up 1.6%. Overall, for residential and commercial property, 3,754 lots were offered and 2,830 sold in December.

The total amount raised at auction in December was up 5% to £537m – this was the largest amount realised in December for 10 years. While this was mainly a result of commercial sales increases, the residential sector nevertheless grew its annual sales in 2016 to £3,236m, up 2.3% from £3,163m in 2015.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2306436-thumbs-up-uk
Should investors punish UK stocks as we near ‘hard’ Brexit?

The markets failed to predict the Brexit vote and in the aftermath it’s been an uncertain time for UK domestic-facing...

Close