The number of properties listed at auction rose by 9.5% year on year to 3,433 lots in April, new data has shown.

But higher levels of stock put pressure on the rate of successful sales, according to the latest national figures from Essential Information Group (EIG).

It found that 64.7% of properties auctioned in April sold, down from 68.2% a year earlier.

Residential lots performed better, with an 8.1% year-on-year increase in the number of successful sales at 2,020 in April.

Total funds raised from residential sales reached almost £334m, up 4.7% compared to last April.

Commercial auctions were weaker, with the number of successful sales down almost 25% compared to the same period last year at 202 lots out of 342 that were offered during the month.

Total funds raised from commercial property sales also fell 23% to £48m.

Regionally, Yorkshire and The Humber and the West Midlands recorded some of the strongest year-on-year growth between February and April, with activity levels, sales and funds raised all increasing strongly.

The North West also continued to see high levels of activity, while Scotland recorded the weakest success rates despite rising supply.

The figures suggest auction activity remains ahead of last year across much of the UK, particularly within the residential sector.

However, growing levels of stock entering the market are increasing competition between sellers and giving buyers more choice, contributing to lower success rates overall, says EIG’s David Sandeman.

National Association of Valuers and Auctioneers (NAVA) Propertymark president Stuart Collar-Brown says: “It is extremely positive to see such a strong set of results for the auctioneering profession across April.

“Against an extremely challenging backdrop of rising inflation and generally lower consumer affordability, it is enormously pleasing to witness what has been an increase in both lots placed for sale and lots sold across almost all nations and regions individually.

“April’s figures are a true testimony to the ever-growing confidence people now place in the sector, and the robust turnaround both buying and selling at auction delivers for clients.”