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UK Residential sector shows record auction numbers for February…

Posted by Luke

Essential Information Group, the UK’s biggest property auction portal, has reported a strong set of UK auction results for February 2018 with residential property performing the strongest in terms of sector growth.

Against the previous year, the total number of Lots offered for sale by auction last month showed positive growth of almost 6% delivering a 3% increase in sales.  Residential property saw the biggest rise in Lots offered for sale with the strongest ever figure recorded for February at 3,437, an increase of 8% versus 2017 and +5% in the rolling quarter.

In particular, East Anglia remains one of the top performing regions for property auction Lots offered and sold realising gains in February compared with the previous year of 14.6% and 21.7% respectively with an average sale success rate of 81.3%, up 6.3%.  The number of residential property auction Lots offered increased by 16.2% and commercial by 8.9% with average sale success results increasing by 7.6% for residential and 2.0 % for commercial property.

Here at Goldings Auctions, on 7 March, we held our biggest sale in 10 years of trading raising over £3.5m and selling 22/23 Lots, a sale success rate of 96%.  In conclusion, we are very positive about the robustness of the current and future property auction market across our local regions of Suffolk, Norfolk and Essex.

The EIG Newsletter for March can be read by clicking this link.

For further advice on what to do after purchasing your property click here.

The full February results for the UK and its regions can be accessed here.