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Highest residential property auction sales of 2012 in November

The property auction market experienced the highest monthly sales success rate for 2012 last month, after 74 per cent of lots were sold.

In terms of the residential market, the number of lots sold rose to 1,517 out of 2,000 offered, representing a 38 per cent increase on the 1,098 lots sold in November 2011. Auctions raised £185m last month compared with £113m in November 2011.

Essential Information Group managing director David Sandeman says: “The sizeable increases seen in the monthly figures can be largely attributed to a major London residential auction house holding their Autumn sale in November this year as opposed to October last year. That notwithstanding, the rolling quarterly and yearly figures which offer a longer term view of the market conditions also show encouraging increases across the board.”

On the commercial side, 71 per cent of the 457 lots offered were sold, representing a large drop in the amount raised compared with during the same period last year. Last month, £31m was raised, down from £52m in November 2011.

The reason behind his substantial drop on the commercial side is due to an unnamed commercial property house electing to hold its Winter auction in December 2012 instead of November as in 2011.

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