UK residential property auction activity slows in July

Residential property auction activity in the United Kingdom saw a decline in July. According to data from the Essential Information Group, the number of residential lots offered fell by 2.8% year-on-year to 3,903, while the number of lots sold dropped 10.1% to 2,514. The success rate for auctions also decreased from 69.6% to 64.4%, and total funds raised fell by 18.3% to £442.4m.

Despite the monthly dip, long-term performance remains positive. Over the 12 months leading to July, residential lots offered increased by 11.6% and lots sold rose by 9.9%.

Regional performance varied significantly. London experienced strong growth, with lots offered up 29.1% and sales up 31.8%. Scotland also saw substantial increases, with lots offered rising 69.8% and sales up 61.8%. Conversely, sales declined in the East Midlands, the North East, and the North West Home Counties.