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Highest auction sale rate for two years, reveals EIG

Auction sales increased to their highest rate since 2007 last month, according to Essential Information Group.

Sales increased by 74% last month, not much below the 78% recorded two years ago in February.

A total of 106 auctions were held in the UK last month, offering 3,159 lots, of which 2,342 were sold, raising £335.4m, according to EIG's monthly auction report.

David Sandeman (pictured), managing director of EIG, says: "There are four main reasons for this [the fall in amount raised]: declining values in the property market; smaller lots being offered; fewer commercial lots being offered, which tend to have a higher lot value than residential lots; and a decline in the percentage sold rate."

In terms of residential auctions, 2,588 lots were offered last month - 15.3% less than February 2008 - of which 74% (1,925 lots) was sold. This raised a UK total of £235.4m.

On a regional basis, London residential auctions reported the highest sale rate, of 80.3% or 724 out of 902 lots offered), which also raised the highest regional amount, of £162.2m. This was closely followed by the South East, which sold 76.9% (577 out of 750 lots offered), raising £76.2m.

In contrast, Scotland offered the smallest lot and raised the smallest amount, generating £3.3m from a sale of 39 lots out of 57.

The North West offered the largest number of lots (1,058) and managed to sell 65.8% (696) to raise £53.6m.

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