The total raised from residential property auctions increased by 7.2% to £522 million in October, from £487m the same month last year, according to national data.

The figures, compiled by Essential Information Group, show that the number of residential lots put up for auction increased by 2.6% year-on-year to 3,924.

However, only 2,677 residential lots were sold, unchanged from last October.

This meant that the percentage of residential lots that sold, compared to the number that were put up for auctions, was down slightly year-on-year from almost 70% to just over 68%.

The sum raised from commercial lots was 27% higher at £90m than last October’s figure of £71m.

Overall, taking into account both residential and commercial, October’s property auction sales were 9.7% above last year’s at £612m.

The annual total for the year to October was 3.2% higher than the previous year at £5.7bn.

EIG’s David Sandeman says: “Across the regions, the rolling quarter showed a mixed pattern. 

“The South-West delivered one of the stronger performances, with sales up 29.8%, while the South-East Home Counties recorded a solid 22.3% rise in total raised.

“Scotland also reported marked improvements in both activity and values, particularly within the residential sector. 

“Results were weaker in the North-East, where sales fell 36% and totals declined 32.3%, and in London, where the total raised was 6.5% lower, despite increased stock levels. 

“These variations reflect differing levels of demand across regions and changing local market conditions.

“Overall, the auction sector remains active, supported by increased stock and selective but consistent buyer demand. 

“While success rates have softened slightly, auctions continue to offer an effective route to market, with both residential and commercial buyers engaging where value and opportunity align.”

National Association of Valuers and Auctioneers (NAVA) Propertymark says “Once again, the auction market shows that buyers are becoming increasingly selective, particularly with interest rates holding steady and the Autumn Budget approaching, along with widely anticipated Stamp Duty reforms in England and Northern Ireland.

“Even so, it is encouraging to see a consistent upward trend since October 2024. 

“Many people continue to engage in commercial auctions to secure a reliable income at a time when the cost of living remains a key concern.

“These figures also reflect growing confidence in auctions as a fast and convenient route for selling property, especially as the government prepares to reform the homebuying and selling process.”