The proportion of property auction lots sold fell to 64.7% in July as buyers became more selective amid continuing economic and political uncertainty.

Essential Information Group recorded 4,424 lots offered during the month, down 2.4% from 4,532 a year earlier. The number sold fell by 8.8% to 2,864, while the total raised declined by 18.6% to £540 million.

The residential market experienced the greater slowdown. The number of residential lots offered fell by 2.8% to 3,903 and sales declined by 10.1% to 2,514. The success rate dropped from 69.6% to 64.4%, while receipts were down by 18.3% at £442.4 million.

Commercial volumes were more resilient, with lots offered rising by 1.2% to 521 and sales increasing by 1.7% to 350. However, the amount raised from commercial property fell by 19.9% to £97.6 million.

The figures for the three months to July showed that overall auction supply remained above the comparable period last year. Lots offered rose by 10.3% to 12,465 and sales increased by 6.2% to 8,267, although the success rate declined from 68.9% to 66.3%.

Over the 12 months to July, 44,773 lots were offered, an increase of 11.7%, while sales rose by 10.1% to 30,787. The total raised increased by 8% to £6.1 billion.

Stuart Collar-Brown, NAVA Propertymark president, said: “While the monthly figures show some softening in auction activity compared with the same period last year, the broader picture remains encouraging.

“The market continues to see a healthy volume of properties coming forward, with auction providing sellers with a route to market that offers greater transparency, speed and certainty at a time when wider economic and political uncertainty remains.

“Importantly, the figures suggest that buyers are becoming more selective rather than that demand for auction is disappearing. The proportion of lots sold has softened, but activity over the longer term remains strong, demonstrating that there is still considerable appetite for auction among both sellers and buyers.”

Collar-Brown said commercial property was showing particular resilience, but cautioned against attributing its performance solely to legislative changes affecting the private rented sector.

He said: “That said, it would be premature to attribute the shift entirely to changes in legislation. The commercial market is influenced by a range of factors, including yields, financing conditions, occupier demand and local market dynamics.

“What is clear is that commercial property is showing considerable resilience and, in some areas, particularly strong growth.”

London was among the strongest regional markets during the three months to July. Lots offered increased by 24.5% to 1,033 and sales rose by 26.7% to 778, giving a success rate of 75.3%.

The South-West recorded a 25.3% increase in lots offered and a 21.3% rise in sales. Scotland’s sales increased by 46.7%, although its success rate remained comparatively low at 37.8%.