"With the looming uncertainties over inflation and interest rates, our data suggests the market is adapting to what may become a new normal. Investors are showing prudence and strategic acumen in navigating this period"
- David Sandeman - Essential Information Group
Essential Information Group's latest report details a 9.6% increase in lots sold across the board during the first quarter of 2024, with the residential sector, in particular, showing impressive gains of 11%.
Despite a quieter period for commercial real estate, with a notable drop in portfolio sales, the overall success rate in auctions remains consistent, indicating sustained buyer interest and investment opportunities.
David Sandeman, Managing Director of Essential Information Group, comments: "While March saw a slight downturn in the number of lots sold compared to last year, it's important to contextualise these figures within the broader economic environment.
"Looking back to March 2022, we've actually seen a strong increase of 13.7% in the number of lots sold nationally. This resilience is a testament to the enduring appeal and the dynamic nature of the auction market."
Regionally, the North East and East Midlands have been standout performers, demonstrating significant growth in both the number of lots sold and overall revenue. In contrast, Scotland and Northern Ireland have faced more challenges, with lower stock volume and fluctuating success rates, which will be an area to watch in the upcoming quarter.
Sandeman concludes: "With the looming uncertainties over inflation and interest rates, our data suggests the market is adapting to what may become a new normal. Investors are showing prudence and strategic acumen in navigating this period."
