Auction Homes Go at Knock Down Prices

Fewer homes are going under the hammer at property auctions - but those that sell are at knock-down prices. 

The average price of a home going to auction in 2017 - 2018 was £152,559 compared to the Land Registry average property sale price of £230,630 in November. 

According to market monitor Essential Information Group, the auction data shows 26,279 residential lots were offered for sale in 2018, with buyers snapping up 19,595 lots for £2.99 billion. 

However, the figures were all down 4.4% on the previous year when 27,494 lots went to auction. Fewer lots were sold in 2018, down 6.8% from 21,024 the year before, and 6.3% less cash was raised - £3.19 billion.

“The ongoing Brexit turmoil leaves an outlook that remains uncertain, at least in the short term,” said EIG spokesman David Sanderman. 

“The entire property market, private treaty included, is seemingly on tenterhooks whilst Parliament continues to try and negotiate a way out of the mire.”

UK auction statistics 2017-2018

 UKEngland
 20172018Change20172018Change
Lots offered2749426279-4.4%2657725447-4.3%
Lots sold2102419595-6.8%2042319045-6.8%
% sold76.5%74.6%-2.5%76.8%74.8%2.0%
Total raised£3.19b£2.89b-6.3%£774.8m£702.10-9.4%
       
 WalesScotland
 20172018Change20172018Change
Lots offered4454807.9%214211-1.4%
Lots sold3303619.4%1231338.1%
% sold74.2%75.2%1.3%57.5%63.0%9.6%
Total raised£27.2m£31.1m14.4%£6.4m£8.8m36.8%
       
 NI   
 20172018Change   
Lots offered258141-45.3%   
Lots sold14856-62.2%   
% sold57.4%39.7%30.8%   
Total raised£12.6m£5.0m-60.2%   

Source: Essential Information Group

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