It said 126 auctions were held across the UK in June, 18 fewer than June 2016, yet the market saw very little change in terms of overall performance.
The number of lots offered increased by one instruction, to 2,663 lots, whilst there were 14 fewer lots sold – down 0.7% to 1,947 lots. The total amount raised for residential and commercial property fell 3.7% to £267m, down £10m from June 2016.
Director David Sandeman said the rolling quarterly and yearly figures show small falls in lots offered, lots sold and amount raised, but sale rates remain “consistently healthy” at around 76%, indicating that demand remains high for keenly priced lots.
Residential vs commercial
Housing has been more stable than commercial property. The residential market saw a small increase in lots offered last month, up 1.5% to 2,317 lots, whilst lots sold fell by 0.6% to 1,684 lots.
The rolling quarterly figures show minor fluctuations, but overall EIG said the sector’s recent results have been largely comparable to those recorded last year.
By contrast, commercial lot volumes decreased. “One contributing factor could have been the furore surrounding the general election; from the unexpected announcement in April through to the extraordinary conclusion of a hung parliament on June 9th,” said Sandeman.
“Now the dust has settled one hopes that the market strengthens again through the second half of the year.”
On a regional basis, London saw 11.8% fewer residential lots offered (567 lots, down from 643 last June) and 17.2% fewer sales. The residential picture in the South West was also less positive, with reductions in the number of lots offered, sold and the total amount of money raised.