Just 408 lots were on offer, down 17% on the same period last year however EIG managing director David Sandeman said the figures should not cause too much concern.
He said: “One cannot draw any meaningful conclusions due to the smaller-than-average sample set. Instead it will be all eyes on next month’s publication to see if the industry can pick up where it left off in December when auction records were sent tumbling.”
Commercial sales were down 7.3% on the previous quarter and 8.6% on the same month last year with just 15 commercial lots. The amount raised on the commercial sales grew by 9% on January 2016, however.
Of the 393 residential lots that went under the hammer, 303 lots sold (77%) with a total value of £30m.
December 2016 saw record figures for the auction industry following a difficult year as a result of Stamp Duty rises in April.