The National Association of Motor Auctions (NAMA) found that average sales price in November increased by 3.6% from the previous month – from £5,441 to £5,637.
Figures published within NAMA’s monthly report also revealed that, despite a decline in sales of -11.8% in comparison to October, sales rose by 14.9% from 88,288 in November 2014 to 101,453 in November 2015.
NAMA’s November report revealed that the percentage of vehicles sold first time fell from 80% in October to 77% - a fall of 3% - and in comparison to November 2014 the first time conversion rate increased by 1% to 75%.
The price premium for vehicles sold first time fell from £250 to £175, and the average days on site increased to 8.4 from 7.4 days.
NAMA said that three out of five market sectors saw a marginal sales price growth on the equivalent month in 2014 with the budget sector remaining static.
It revealed that late and low fell by -6.2% which has continued the trend from October, meanwhile, and, once again, there has been a significant number of budget vehicles sold during the month, with prices holding well.
NAMA Chairman Paul Hill said that the market was still feeling the effects of manufacturer-led push to meet targets. He said: “The temporary lull in new car activity in October has not stopped the manufacturer’s enthusiasm to register vehicles to achieve their stretch targets during that final push in 2015.
“Values for December are under pressure with increased volumes of stock and reduced demand. It is anticipated that most vendors will not be holding stock over the year end in anticipation of higher values in the New Year.”
He added: “2016 will certainly bring with it more vehicle returns for the first quarter and a continued fight by the manufacturers for increased volumes in the new car market”.