Another strong indicator signalling the recovery of the commercial property sector across the North East has emerged, according to Newcastle-based property consultants Dunlop Heywood.
National figures reveal that auction activity in the commercial sector bounced back rapidly in Q4 of 2013 (Oct-Dec) with a 59.5% increase in sales revenues from auction sales compared to 2012. The region saw auction sales improve from £17.3m in 2012 to a healthier £27.3m.
The North East also compared well with other UK regions. Malcolm Angus, associate director at Dunlop Heywood, said: “This is another very strong indicator that the North East is bouncing back better and stronger than anyone predicted even 12 months ago.
“Confidence is back and it is good to see the region holding its own against other areas which almost universally have seen increased sales value through the auction markets – only the North West Homes Counties saw a drop but the rest of England performed very strongly.”
David Sandeman, MD of EI Group which collated the data, added: “Throughout 2013 we saw a strengthening market, with auction sales rising and revenues swelling. December’s figures epitomised this, with auction sales up 8% on 2012 to 2,675 lots and amounts raised up almost £100m – a rise of 25% on the previous year.”