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Auction Turnover Soars 24% in First Half of 2002

LONDON-New research from Focus Auction Guide Analysis underlines the boom in the commercial auctions market. The researchers calculate that the value of all commercial lots sold in the UK at auction rose by 24.6% to Pounds 699 million ($1.08 billion) during the first six months of 2002.

By Graham Parker | Updated on September 02, 2002

LONDON-£699 million ($1.08 billion) of commercial property was sold in the auction room during the first six months of 2002, up 24.6% on the £560 million ($868 million) sold in the first half of 2001. Although the number of commercial properties sold at auction had increased by only 7.6%, the average value of all commercial lots sold increased by 16% from £298,676 ($463 million) in the first half of 2001 to £346,110 ($536,000) in the first half of 2002, according to the latest Focus Auction Guide Analysis.

For the seventh year running, Allsop & Co is the most active auction house selling £247 million ($383 million) of commercial property in six months, more than double its closest competitor, Jones Lang LaSalle, which achieved £106 million ($165 million) in commercial sales during the first half of 2002.

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