The latest newsletter from the Essential Information Group reveals a sharp rise in the number of lots sold at auction in November.
The total number of lots offered for auction was 3,078 of which 67 per cent were sold, totalling 2,074 lots. This was a 40 per cent increase on the number sold in November 2007, according to the report.
However, the total amount raised was -31.1 per cent lower in value than last November, falling from £305,148,093 to £210,113,240.
Within the overall total, the number of residential lots offered was 2,726 of which 1,838, or 67 per cent, were sold. In November 2007, there were 2,128 residential lots offered for auction of which 1,312, or 64 per cent, sold.
In monetary terms, a total of £186,117,640 was raised from residential lots this November, a -14.4 per cent decrease from £217,327,698 in November 2007.
Managing Director of the Essential Information Group, David Sandeman, comments: "Looking at both the monthly totals and residential figures for November, we see an increase in lots offered, lots sold and percentage sold, with only the amount raised declining, though not so marked as in previous months.
"It is significant that for the first time since the beginning of the credit crunch the overall monthly sales rate has been higher than that of the 12 months previous.
"Hopefully, this is an indication of a coming together of the vendors' and purchasers' expectations over the reserve level."
Regional Performances
In terms of the amount raised from residential lots, East Anglia was the best performing English region, with an increase of 14.2 per cent in November compared to the same month last year.
The worst-performing region was the West Midlands where the total raised was -40.1 per cent lower than November 2007, closely followed by London with a decline of -40.0 per cent.
Scotland experienced a 54.0 per cent increase in the total amount raised in residential auction sales, while Northern Ireland had a -77.5 per cent downfall and Wales had a decline of -9.8 per cent.
EIG Results: November 2008
